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Chapter 13 Bankruptcy Lawyers, Media PA

Chapter 13 protects your house, your car, and other assets.

Filing chapter 13 will stop a sheriff sale or stop a car repossession immediately. You will have  an opportunity to catch up on your back payments by spreading out your payments over 3 or 5 years …  Even when your creditors do not want to negotiate with you.  While you are under chapter 13 bankruptcy protection, your creditors are prohibited from contacting you.  Your assets are safe.

Even if you are not saving a house or a car, filing chapter 13 is  valuable if you have a lot of unsecured debt and you do not qualify for chapter 7.  Under chapter 13 you will  pay what you can afford under bankruptcy law.  Filing chapter 13  will stop creditors from harassing , suing, or taking your assets.

Resolve Unsecured Debts with Chapter 13 Bankruptcy For Better Credit

There is no getting around it. You need it to rent or buy a house, lease a car, get insurance and even electricity. Even employers check the credit histories of potential hires before offering positions to candidates. Credit dictates what doors are open to us as consumers, and what doors will stay firmly shut. If your credit is in trouble, it is worth considering filing for Chapter 13 Bankruptcy, even for unsecured debt.

How To Resolve Unsecured Debt

You may not have a house to keep out of foreclosure, but if you ever want a chance at owning a home, then your credit needs to be cleaned up. Unsecured consumer debt is often comprised of department and big box store cards offering introductory deals for new credit card holders. Under Chapter 13 Bankruptcy, you will author a repayment plan that stretches over an average of three to five years that repays your creditors.

Creditor Judgments

Unsecured debt is debt that isn’t secured by the property. Creditors would need to file suits against you to recover any money owed to them. Filing Chapter 13 bankruptcy prevents creditors from taking this action and may reduce the overall amount of your debt, due to fewer expenses incurred from court costs and legal fees.

Rights Under Chapter 13Law gavel

According to the United States Courts,”Chapter 13 Bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.” Chapter 13 Bankruptcy is regularly used by individuals at-risk of losing their homes. However, non-homeowners with regular income, who are trying to build their credit should consider Chapter 13 Bankruptcy as a sustainable approach to repairing bad credit.

What Does Chapter 13 Bankruptcy Protect You From In PA?

  • You will have no contact with your creditors during the lifetime of your bankruptcy.
  • Chapter 13 Bankruptcy may lower your average payment.
  • Protects your co-signers from creditors collecting on consumer debts. Chapter 13 Bankruptcy denies your creditors from holding third parties liable for payment.
  • Chapter 13 Bankruptcy may act as a consolidated loan plan that collects the money for the creditors via a Chapter 13 Trustee who pays the creditors for you.
  • Chapter 13 lets you reschedule secured debts (not your home’s mortgage) and lengthen the time period you’ll have to repay the debt.
  • For those trying to save their homes from foreclosure Chapter 13, can spread the delinquent mortgage payments throughout the life of your Chapter 13 Plan.

If you have regular income and want to repair your credit and build for the future, then filing for Chapter 13 Bankruptcy is a logical choice. The money saved from interest fees, late payment penalties are an incentive to learn more about Chapter 13 Bankruptcy.

Unsecured debt doesn’t mean it is uncollectible. Creditors can file costly judgments against your credit for Attorney and clientseven years in Pennsylvania. Some judgments can be renewed ending up being a scar on your credit report for many years. Prevent these damages from being carved into your credit and act proactively by considering Chapter 13 Bankruptcy to resolve your unsecured debts.

If you ever want to own a home or a business, it is crucial you sort out your consumer and unsecured debts. Filing for Chapter 13 Bankruptcy is an option for renewing the life of your credit while repaying your creditors at a sustainable rate. Don’t be afraid of bankruptcy. Sometimes people need to start over and that is why these bankruptcy laws are in place. Bankruptcy attorney, Jeanne Marie Cella, Esq is just the right attorney for you if you are considering filing for bankruptcy in the Media, Delaware County area. People who file for bankruptcy often pay less for their debt and spend less time struggling with bad credit.