Facing Chapter 13 Bankruptcy With an Attorney's Guidance
Chapter 13 bankruptcy — also called the "wage earner's plan" — can be an effective way to move forward out of a difficult financial situation. The lawyers at David W. Owens, P.C. & Associates, Attorneys at Law, can help guide you in the right direction by explaining solutions available to your via the bankruptcy process.
About Chapter 13 Bankruptcy
If you are an individual with a regular income, you may qualify for Chapter 13 bankruptcy. Under this form of bankruptcy, you have the opportunity to save your home from foreclosure by catching up on past-due payments through a payment plan.
Chapter 13 bankruptcy allows you to propose a repayment plan for your existing creditors. Depending on your personal situation, you may pay off debt in installments of over three to five years. However, if your current monthly income is less than the state median, you may only allowed three years unless you gain court approval for a longer payoff period.
Individuals who qualify may also want to consider Chapter 7 bankruptcy as a financial option.
Since 1975, we have dedicated our practice to working closely with our clients. We often handle bankruptcy issues by exploring a cost-benefit analysis with our clients. Bankruptcy may be an effective way to save your home and assets, but it also comes with certain costs. We explain those costs and help you consider other solutions that can help you resolve your financial situation.
Contact David W. Owens, P.C. & Associates, Attorneys at Law
To schedule a free and confidential consultation about your Chapter 13 bankruptcy concerns, please call us at 503.766.3042 or contact us by e-mail.
