Is Chapter 13 Bankruptcy Right For Me?
Do you have assets you’re not willing to lose in a Chapter 7 bankruptcy? Are you concerned that you may lose your home to foreclosure? Chapter 13 bankruptcy may be the right choice for you. In many instances, filing Chapter 13 bankruptcy allows individuals to keep valuable assets while reorganizing their debt.
The bankruptcy professionals at The Turnaround Team in Scottsdale can help you determine which form of bankruptcy makes the most sense for you. Brian M. Blum, our Managing Attorney, is an experienced Arizona bankruptcy lawyer who will develop a plan of action designed especially for you.
– Brian M. Blum, Managing Attorney
The Wage-Earner's Plan
Chapter 13 bankruptcy is often called the wage-earner's plan, but you don't have to be a wage earner to qualify. If you have a regular income from any source, such as Social Security, a pension, or spousal support, you may be eligible to file Chapter 13 bankruptcy.
A type of reorganization bankruptcy, Chapter 13 allows you to repay a portion of your debt over a three-to-five-year period. You will not have to pay all of your debt.Get a Free Chapter 13 Bankruptcy Consultation
One Reasonable, Affordable Payment
Chapter 13 allows you to make one, affordable payment each month. The amount of the payment is based on what you can afford after paying your living expenses. In other words, you pay yourself first. Payments on your debt come from the remainder of your income.
Chapter 13 bankruptcy can be an appropriate choice for self-employed people who have fallen upon difficult financial times. Filing Chapter 13 instead of Chapter 11 is a significantly less complicated and time-consuming. Therefore, it is a less expensive process.
To arrange a free initial consultation with an experienced bankruptcy lawyer, please contact The Turnaround Team today. From offices in Scottsdale, we represent individuals throughout Arizona.