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What is Chapter 13 Bankruptcy?

With Chapter 13 bankruptcy, you will end up repaying your debts over the course of a three- or five-year plan that has been approved by the court. The creditors must sign off on the plan you’ve proposed. As long as you are following that plan, typically any remaining debt will be discharged at the end of that three- or five-year time period.

Creditors will need to be getting the amount of money they would have if you had gone the route of a Chapter 7 bankruptcy if not more. One of the biggest reasons why you might choose Chapter 13 over Chapter 7 is because you won’t have to worry about repossession or foreclosure. The process allows you to make up for missed payments and stop the process of accruing interest on your tax debt. You will also be able to keep certain non-exempt property.

Get Back on Your Feet with the Chapter 13 Bankruptcy Attorneys in Phoenix at the Majors Law Group

Whether you’ve decided that Chapter 13 bankruptcy fits your circumstances or you’re still sorting through your options, your search for a “Chapter 13 bankruptcy attorney near me” should end with the Majors Law Group. As your experienced Chapter 13 bankruptcy attorney Phoenix, we will be happy to discuss your options with you. To sign up for your free, risk-free consultation, get in touch today!

Finding an affordable Chapter 13 bankruptcy attorney is useful for those who have unsecured debts under $336,900 and secured debts under $1,010,650. Bankruptcy under this circumstance allows an individual to develop a payment plan that lasts between three to five years. The determination of whether your payment plan lasts three or five years depends on your level of income. A Chapter 13 bankruptcy attorney will also help with ensuring one of the most important components of this bankruptcy pathway, and that is avoiding a foreclosure on your home. Chapter 13 bankruptcy will allow you to stop foreclosure proceedings and develop a payment plan for delinquent mortgage payments. Additionally, Chapter 13 bankruptcy will stop debt collectors from calling you, sending you mail, or attempting to repossess your assets. All of your debts will be consolidated to a Chapter 13 trustee who will then redistribute the funds to creditors over a 3-5 year Chapter 13 Plan. If you are looking for an experienced Chapter 13 bankruptcy attorney in Arizona, do not hesitate to contact the Majors Law Group to set up a free consultation. We know that even the thought of filing for bankruptcy is stressful, but we are here to help and make sure that you reach the best possible outcome.

Chapter 7 Bankruptcy Attorneys

Chapter 7 bankruptcy attorneys help the majority of bankruptcy clients through this filing process because it is the most common form of bankruptcy. This type of bankruptcy allows clients to discharge most types of debt, this includes medical debt, credit cards, repossessions, and some tax debt if they are over three years old. When exploring bankruptcy options, a chapter 7 bankruptcy attorney will advise you on whether or not you meet the qualifications. Individuals undergoing Chapter 7 bankruptcy must have less than Arizona’s median income for their family size, or they must pass a Means Test. Additionally, people undergoing Chapter 7 bankruptcy will not be eligible if they have previously filed for Chapter 7 bankruptcy within the last eight years. If you are unsure about your eligibility for Chapter 7 bankruptcy, you may want to consider scheduling a free consultation with a Chapter 7 bankruptcy attorney from Majors Law Group. At Majors Law Group, we recognize that going through the bankruptcy process is a stressful and scary journey. We are here to lessen the burden and make sure you make it through to the other side so you can start fresh.