Why Choose Chapter 13?

The prospect of filing for bankruptcy can be very intimidating for debtors, even though the United States Bankruptcy Code exists for the purpose of helping them to rectify an unbalanced financial situation. Part of the hesitation that one might experience may be attributed to the confusing distinctions between the different chapters of bankruptcy protection. Each exists to offer a specific set of protections to a specified class of debtors. For individuals who are presently employed and who simply need more time to pay off their existing debts, Chapter 13 bankruptcy may offer the best option.

Though you can manage many aspects of a bankruptcy filing on your own, doing so leaves you at a serious disadvantage. A skilled and experienced bankruptcy attorney can help explain the subtle differences between different alternatives and can help you to avoid making costly procedural mistakes. To learn more, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494

Important Chapter 13 Facts

One reason that people are often reluctant to file for bankruptcy is because they are afraid that many of their personal assets will be seized and sold by their creditors. While that is a legitimate concern under the provisions of Chapter 7 – which requires the sale of assets to generate funds to distribute as partial payment of debts – Chapter 13 typically does not necessitate such a sale. Other key facts about Chapter 13 bankruptcy include:

• It is not available to corporate entities
• It allows a debtor to propose the terms of repayment within a 3-5 year period of time
• Only persons who are employed and receiving regular wages are eligible

Contact Us

To learn more about the variety of ways that bankruptcy can help you to take control of your financial situation, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494.