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Contact our Cleveland bankruptcy lawyers to learn more about Chapter 13
The Cleveland bankruptcy lawyers sponsored through Legal Helpers can explain to you the details of the different types of bankruptcy cases. When you talk to one of our Cleveland bankruptcy lawyers, you'll gain a better understanding of your current financial situation and how to improve it.
Chapter 13 is just one of the options that could be offered by our sponsoring Cleveland bankruptcy lawyers. If you are trying to save your home from a foreclosure or your car from repossession, Chapter 13 bankruptcy may be the best approach for you.
As your Legal Helpers Cleveland bankruptcy lawyers will explain, a Chapter 13 bankruptcy is an interest-free debt repayment plan. You will be able to consolidate your debts and make payments on this one account over a three to five year period. While you are making these payments, your creditors can no longer harass you or try to collect their money directly. They must adhere to the terms of your bankruptcy plan.
Your Cleveland bankruptcy lawyers will also point out that to file Chapter 13 bankruptcy you must be working or have a consistent source of income. To be approved by the court, you must be able to cover your monthly living expenses as well as your payment.
Debts that are generally consolidated in a Chapter 13 are mortgage arrears, balances on vehicle loans, student loans, credit card debts and other unsecured debts. All outstanding debts must be included in a Chapter 13 repayment plan.
Chapter 13 filed with the help of Cleveland bankruptcy lawyers protects you during your repayment plan
If your home is in foreclosure, a Chapter 13 filing will stop the foreclosure any time prior to the sale. You will repay your mortgage arrears through your Chapter 13 plan. You will still be obligated to make all future mortgage payments directly to the mortgage company but they may not foreclose on you or try to directly collect any currently outstanding payments.
If the "repo" man is looking for your car, a Chapter 13 will stop the financing company from repossessing your vehicle. The past due payments and the entire balance on your vehicle loan will be consolidated and you will pay it off on a scheduled plan. The vehicle finance company can no longer repossess your car and you will no longer have to make payments directly to them. Under certain cases, our Cleveland bankruptcy lawyers can even recover your vehicle after repossession and consolidate the remaining balance due.
Legal Helpers can help you rebuild your credit. More importantly, we can advise you of the best ways to keep out of future financial trouble. With Legal Helpers Cleveland bankruptcy lawyers, you'll find the support and legal counsel you need to make a major change in your life - a change that will last forever.
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