Chapter 13 Bankruptcy Puts Your Life Back in Order
The Marlatt Law Office: Serving Westerville and Columbus, Ohio
A Chapter 13 bankruptcy is often referred to as a "wage earner" bankruptcy. It's intended for people who have a regular source of income, but need help getting their finances and debts under control. It allows most homeowners to prevent foreclosure and keep their house, as well as their cars and other possessions.
Filing Chapter 13 bankruptcy also stops harassing collection efforts and prevents new debt collection actions from beginning. It allows you to pay off past-due mortgages over time, discharge some debts, and pay off other debts and loans over a three to five year period.
If you have questions about how a Chapter 13 bankruptcy can help you reorganize your financial life, call an experienced bankruptcy lawyer at 614-212-4907 or toll-free at 888-660-4876 for a no-cost consultation. You can also contact me online.
The Benefits of Chapter 13 Bankruptcy
- Creditor harassment ends
- You get debt relief that typically stops foreclosure on your home and allows you to keep your car and other belongings
- An affordable repayment plan enables you to pay off a portion of your debts over a three to five year period
What You Want to Know
Am I going to be able to keep what I want to keep? How is my credit going to be when it is over? Am I going to be able to get an apartment after leaving my house? Will the harassment from creditors stop?
The answers to these questions vary from person to person, but in general, yes, in a Chapter 13 bankruptcy you're going to be able to keep your house, car and other possessions. Your credit score will drop with a bankruptcy, but you can begin to rebuild your credit almost immediately after bankruptcy ends. As for creditor harassment, filing bankruptcy brings it to an immediate, full stop. To get the answers to your other questions, visit my Bankruptcy FAQ page or give me a call for a free consultation.
Important Changes to Bankruptcy Law
Ohio recently changed exemptions for houses and cars, which might affect what you will be able to keep in a Chapter 13 or Chapter 7 bankruptcy. Contact an experienced bankruptcy attorney to learn how the changes in law might change what you will be able to keep.
Call Attorney Scott Marlatt at 614-212-4907 or toll-free at 888-660-4876 or contact me online. Free initial consultation.