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CHAPTER 13 BANKRUPTCY: SECURING YOUR HOME AND RESTRUCTURING YOUR DEBT
Falling behind on mortgage payments or facing foreclosure can be overwhelming, but Chapter 13 bankruptcy offers a lifeline. At Broumas Law Group in Maryland, we specialize in using Chapter 13 to help you save your home, manage your debts, and regain control over your financial future. Here's how:
CHAPTER 13 BANKRUPTCY: SECURING YOUR HOME AND RESTRUCTURING YOUR DEBT
Falling behind on mortgage payments or facing foreclosure can be overwhelming, but Chapter 13 bankruptcy offers a lifeline. At Broumas Law Group in Maryland, we specialize in using Chapter 13 to help you save your home, manage your debts, and regain control over your financial future. Here's how:
Saving Your Home:
- Stop Foreclosure: Filing for Chapter 13 immediately halts foreclosure proceedings, giving you the breathing room to catch up on missed payments over a period of up to 5 years.
- Valueless Second or Third Mortgages: In some cases, we can 'strip' or eliminate junior liens if they're completely underwater, transforming a bad investment into a manageable one.
Restructuring Your Debts:
- Repayment Plan: Chapter 13 enables you to consolidate your debts into a manageable repayment plan, tailored to your income, which can:
- Protect Co-Signers: If you have co-signers on loans, Chapter 13 can shield them from creditor actions even if they haven't filed for bankruptcy.
- Handle Tax Obligations: Pay off back taxes while possibly eliminating interest and penalties.
- Reduce Car Loan Burdens: Potentially lower the interest rate or even "cram down" the principal to the vehicle's current market value if purchased over 910 days before filing.Catch Up Mortgage Arrears: Spread out past due amounts over the plan period.
- Unsecured Debt Management: Chapter 13 allows for the partial or full discharge of unsecured debts like credit cards and medical bills, reducing your overall financial load.
Saving Your Home:
- Stop Foreclosure: Filing for Chapter 13 immediately halts foreclosure proceedings, giving you the breathing room to catch up on missed payments over a period of up to 5 years.
- Valueless Second or Third Mortgages: In some cases, we can 'strip' or eliminate junior liens if they're completely underwater, transforming a bad investment into a manageable one.
Restructuring Your Debts:
- Repayment Plan: Chapter 13 enables you to consolidate your debts into a manageable repayment plan, tailored to your income, which can:
- Protect Co-Signers: If you have co-signers on loans, Chapter 13 can shield them from creditor actions even if they haven't filed for bankruptcy.
- Handle Tax Obligations: Pay off back taxes while possibly eliminating interest and penalties.
- Reduce Car Loan Burdens: Potentially lower the interest rate or even "cram down" the principal to the vehicle's current market value if purchased over 910 days before filing.Catch Up Mortgage Arrears: Spread out past due amounts over the plan period.
- Unsecured Debt Management: Chapter 13 allows for the partial or full discharge of unsecured debts like credit cards and medical bills, reducing your overall financial load.
HELPING OUR CLIENTS WITH:
STOPPING FORECOSURE
STRIPPING A SECONG MORTGAGE
REDUCING CAR PAYMENTS
STOPPING FORECOSURE
STRIPPING A SECONG MORTGAGE
REDUCING CAR PAYMENTS
The Chapter 13 Process:
- Consultation: We'll assess your financial situation to see if Chapter 13 is right for you, discussing all possible outcomes and strategies.
- Plan Development: Together, we'll craft a repayment plan that suits your income and expenses while addressing your debts.
- Filing and Court Approval: Once filed, we'll help you navigate the court process, including creditor meetings and plan confirmation.
- Plan Execution: You'll make payments to a Chapter 13 trustee, who then distributes these to your creditors according to the plan.
- Discharge: Upon completion of your plan, remaining unsecured debts are discharged, and your home is protected.
Additional Benefits:
A major concern for those considering Chapter 7 is asset loss. Here's how we help mitigate this:
- Immediate Relief: The automatic stay in Chapter 13 stops wage garnishments, repossessions, and other aggressive collection attempts, providing immediate financial relief.
- Asset Recovery: If your car or truck has been repossessed, in some instances, you might be able to get it back through the bankruptcy process.
- Prevent Evictions: If facing eviction, Chapter 13 can sometimes offer a chance to cure rental arrears and remain in your residence.
The Chapter 13 Process:
- Consultation: We'll assess your financial situation to see if Chapter 13 is right for you, discussing all possible outcomes and strategies.
- Plan Development: Together, we'll craft a repayment plan that suits your income and expenses while addressing your debts.
- Filing and Court Approval: Once filed, we'll help you navigate the court process, including creditor meetings and plan confirmation.
- Plan Execution: You'll make payments to a Chapter 13 trustee, who then distributes these to your creditors according to the plan.
- Discharge: Upon completion of your plan, remaining unsecured debts are discharged, and your home is protected.
Additional Benefits:
A major concern for those considering Chapter 7 is asset loss. Here's how we help mitigate this:
- Immediate Relief: The automatic stay in Chapter 13 stops wage garnishments, repossessions, and other aggressive collection attempts, providing immediate financial relief.
- Asset Recovery: If your car or truck has been repossessed, in some instances, you might be able to get it back through the bankruptcy process.
- Prevent Evictions: If facing eviction, Chapter 13 can sometimes offer a chance to cure rental arrears and remain in your residence.
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