Chapter 13 Laws Lowell MA
Attorney Todd D. Beauregard, P.C. is a dedicated bankruptcy attorney who concentrates in Chapter 13 law in Lowell Massachusetts and can help you qualify and organize filing for chapter 13.
What is Chapter 13 ?
Also known as “reorganization bankruptcy”, this may be the only viable option for homeowners who do not wish to lose their home, while in a bankruptcy proceeding. Here, the debtor creates a plan to pay off some or all of the debt they owe, within a time-frame of 3 to 5 years. While doing so, one may not miss a single payment. Todd D. Beauregard works in both NH and Massachusetts bankruptcy courts.
Benefits of Filing Chapter 13
The benefits under Chapter 13 are that it allows you to keep all of your property while you make payments, and it protects those who keep current with their payment plan to avoid foreclosure on their home. Although not all your debts are discharged, most of your debts can be significantly reduced.
Under chapter 13, the considerations include: 1) your income is tied up for the 3 to 5 year period, and 2) not all workers are eligible (such as stockbrokers and commodities brokers) and 3) the debtor cannot owe more than $1 million.
Is Chapter 13 Right For Me?
It may be your only option depending on your remaining income after paying the debts. Making repayments to the plan is the whole part of Chapter 13. case and property exemption laws factor into figuring out repayment plan details.
You need to file chapter 13 when you have properties that have mortgages or loans and you might have and want to pay them off to keep those properties or you feel responsible and simply want to pay your debt or maybe you simply do not qualify for chapter 7.
Chapter 13 is a good medium for both parties. You get relived of some debt, and the creditors get some re-payment.
Not Sure Whether You Should File Chapter 13?
Call us and speak to an experienced bankruptcy attorney to see if you qualify for Chapter 13
We’d love to give your case the individualized attention it deserves.
For a Free Consultation Contact Us or Call – 978-275-1919.