Chapter 13 bankruptcy is a form of debt relief where a filer's outstanding debts are reordered into a payment plan that can be more easily repaid. The typical payment plan lasts anywhere from three to five years and gives the filer the opportunity to make good on their debt. But it also offers another distinct advantage: it allows all foreclosure and repossession efforts against the filer to cease.
Repayment Of Outstanding Debt
Chapter 13 bankruptcy is a smart choice for people with steady employment and some disposable income at the end of each month. It's important to remember that while you repay your late payments as part of your bankruptcy agreement, you also must stay current on your monthly mortgage. You will be responsible for simultaneously paying back-payments and current payments, so it is essential to have some money coming into the household on a regular basis. Attorney Rafael Gil of The Gil Law Firm is a bankruptcy attorney who has been helping clients in the Dothan, Alabama, area for over 15 years. He will work to stop the foreclosure and repossession actions against you through a Chapter 13 bankruptcy filing.
Eliminating Multiple Mortgages
You may also have a second or third mortgage on your home; Chapter 13 bankruptcy can help you in this area as well. The filing could classify a second or third mortgage as unsecured debt, which is considered a low-priority debt and may not even need to be repaid. Attorney Rafael Gil will help you explore this option.
Call him at (334) 673-0100 to schedule a consultation today. You can also visit the firm on Facebook and Twitter to learn more about their services. If you own your home, you should have the option to stay in it; let The Gil Law Firm determine if Chapter 13 bankruptcy is the right avenue to make it happen.