Talking to a Chapter 13 bankruptcy lawyer in Columbus can help a variety of clients in many ways.
Chapter 13 Bankruptcy Stops Foreclosure
Filing Chapter 13 bankruptcy stops all foreclosure actions and allows our clients to include their mortgage payments and arrears in the repayment plan. By working with a Chapter 13 Bankruptcy lawyer in Lancaster or Columbus, clients get to keep their homes, save their equity and also eliminate their other outstanding debts.
Repay creditors a percentage of your total debt, at a rate that is within your budget
Chapter 13 bankruptcy plans are based upon household income and reasonable budgets. Debts are prioritized according to Federal bankruptcy laws and can greatly benefit our clients who are struggling to pay their bills and manage their everyday needs.
Talking to a Chapter 13 bankruptcy lawyer in Columbus may be the right choice if you have income, but find it difficult to meet creditor repayment demands and provide for your family.
Chapter 13 Bankruptcy Prevents Repossession of a Vehicle
Filing Chapter 13 bankruptcy stops all repossession activity immediately! A Chapter 13 bankruptcy plan allows our clients to catch up on vehicle payments and prevents aggressive creditors from embarrassing and inconvenient repossession of their vehicles. After talking to a Chapter 13 bankruptcy attorney, our Columbus and Lancaster clients get to keep their car or truck and continue to make payments.
Another major benefit of working with a Chapter 13 bankruptcy attorney in Columbus is that the debts repaid in the Chapter 13 plan are not necessarily paid back under the same terms that existed prior to filing. Chapter 13 bankruptcy plans restructure the debt so that the debtor often repays under more favorable conditions, such as low/no interest rates.
Lower Interest Rates for Vehicle Payment
One major benefit of Chapter 13 is that the debts repaid in the Chapter 13 plan are not necessarily paid back under the same term that existed prior to filing. Chapter 13 plans restructure the debt so that the debtor often repays under more favorable conditions, such as low/no interest rates.
Stripping a Second Mortgage
If your first mortgage is higher than the value of your primary home, talking to a Chapter 13 bankruptcy lawyer in Lancaster or Columbus like Attorney Wendi can allow you to strip away your second mortgage as part of your Chapter 13 plan.
This is extremely beneficial to homeowners who took out a second mortgage to stave off debt and are now looking at 15 more years of payments on mortgages well in excess of their property value.
Using Chapter 13 Bankruptcy to Resolve Tax Debts and Avoid IRS Liens
Working together with a Chapter 13 bankruptcy attorney in Columbus is an excellent option when you fall behind on your taxes because it allows you to discharge (wipe out) old income tax debt. If you have tax debt you can’t discharge, Chapter 13 bankruptcy might give you a more favorable repayment schedule—meaning a lower monthly payment—than you would receive from the taxing authority.
If your tax debt is a secured liability—meaning that the taxing agency took steps to gain an ownership interest in your property like a tax lien—then you’re not going to be able to discharge the obligation. However, a Chapter 13 bankruptcy lawyer in Columbus can provide you with the ability to pay back the taxes at a rate that is easier than coming up with a lump sum.
Tax debt issues are complex and require the expertise of an experienced Chapter 13 bankruptcy attorney in Columbus. During your free consultation, Attorney Wendi Henderhan will illustrate the options available so you can make the right decisions concerning your financial future.
Chapter 13 Bankruptcy Provides Credit Building Opportunities
Unlike Chapter 7, a Chapter 13 bankruptcy filing allows our clients to rebuild credit during the payment of their plan. With timely payment on their Chapter 13 plan and any loans taken after filing, our clients can boost their credit score with the credit bureaus.
Your fresh start under Chapter 13 bankruptcy can begin the day that you enter into the Chapter 13 repayment plan.
It’s important to discuss with your Chapter 13 bankruptcy attorney Wendi how to go about gaining new credit while you’re in Chapter 13, as there are restrictions put into place by the Trustee/Court. Her experience will help guide you through the process, so contact her and start your free consultation today!