Chapter 13 Bankruptcy
In addition to our representation of clients seeking Chapter 7 bankruptcies, our firm is highly experienced in the nuances and requirements of Chapter 13 bankruptcy petitions.
As with our Chapter 7 filings, we have as much, if not more, experience as any firm in the area filing Chapter 13 bankruptcy petitions for clients in Philadelphia and the surrounding areas, including Delaware, Montgomery, Bucks, and Chester counties.
Chapter 13 is a repayment plan. It is a federal law designed to help single and married individuals (including owners of businesses) repay a portion of their debts with dignity and peace of mind. A plan for the repayment of debts is created by you and your attorney and confirmed by the Court. The process of creating the plan and getting it confirmed by the Court takes about six months. Upon successful completion of the plan, the bankruptcy is discharged. A Chapter 13 bankruptcy filing may:
- Allow you to stop the foreclosure on and Sheriff's sale of your home.
- Give you up to five years to catch up on your mortgage and real estate tax payments.
- Stop the repossession of your vehicle.
- Allow you to take up to five years to pay off the lesser of the value of your vehicle or the actual amount owing on your vehicle. And it may reduce the interest rate you are being charged.
- Stop the IRS from garnishing your wages and eliminate penalties and additional interest.
- Allow for the repayment of child support arrearages (excluding interest).
- Eliminate credit card and other unsecured debts with no or greatly reduced payments.
For more information on bankruptcy, you may wish to consult our online Bankruptcy Information Center.
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We are able to meet the needs of the Vietnamese and Spanish-speaking communities.