Benefits of Chapter 13 Bankruptcy

People with the means to repay most of their debts over time, but who still need some assistance, often consider filing for Chapter 13 bankruptcy. This process allows you to develop a repayment plan that will last either three or five years. By following this plan, you can repay your debts by making one regular payment, instead of worrying about multiple bills arriving in your mailbox.

If this sounds like a good solution to your family’s or business’s financial struggles, the Harmon Law Office, LLC can help you make it happen. Our Arizona bankruptcy lawyers will determine whether you are eligible for this plan; if so, we can help you with every step of the process. Call us today at 480-829-0494.

Why File under Chapter 13?

If you are living with more debt than you can handle, filing for Chapter 13 bankruptcy may be beneficial in several ways. Some benefits of this procedure include:

• Keeping your assets. Under Chapter 7, people are required to sell off some of their property to repay their creditors. If you are eligible for Chapter 13, this will not be a problem. You can hold on to your belongings, and simply use a portion of your income to get out of debt.
• Form your own repayment plan. You and your Arizona Chapter 13 bankruptcy attorney will be able to develop a repayment plan that fits your budget. You can determine how much to pay, how often to pay, and whether it should take three or five years. Of course, your plan will need the approval of the courts and your creditors, but your attorney can also help with that.
• The automatic stay. Just like people who file under Chapter 7, people who file under Chapter 13 are granted automatic stays by the judges overseeing their cases. The automatic stay will immediately halt most collection actions being taken against you, including calls and letters from your creditors. However, the automatic stay does not apply to debts resulting from certain tax proceedings and legal matters.
• If you think this process may be beneficial to you, our Arizona Chapter 13 bankruptcy lawyers can help you take the next step in getting back your financial freedom.

Contact Us

Contact the experienced Arizona Chapter 13 bankruptcy attorneys of the Harmon Law Office, LLC at 480-829-0494 to learn more about your options for taking control of your debt and your financial life.