Why should I file Chapter 13 Bankruptcy?

There are a number of reasons to file Chapter 13 Bankruptcy.  Predominately, individuals file for Chapter 13 based on their income.  Other reasons include a need to catch up on missed payments, and possibly because it has been not enough time since filing Chapter 7 bankruptcy.

How long does Chapter 13 Bankruptcy last?

Most courts set a reasonable time period of 5 years to bring your accounts current.  A plan is set forth by you and a knowledgeable bankruptcy attorney to present to the court.  These 60 months gives you time to pay on an agreed upon amount until the bankruptcy case concludes.

Am I eligible for Chapter 13 bankruptcy?

Chapter 13 bankruptcy is designed for those who most often have a higher income than those who qualify for Chapter 7.  If you need debt assistance to bring your payments back up to current standing, Chapter 13 may be the right solution for you.  The process helps restructure your debt with flexible solutions based on your income and debt owed.

How does filing Chapter 13 bankruptcy benefit me?

Filing Chapter 13 bankruptcy in Massachusetts allows you time to restructure your debt and bring your accounts to good standing.  Additionally, during the 5 year period, creditor calls stop, lawsuits cannot be made against you regarding any debt, and you avoid any wage garnishments as a result of debt.

How long does Chapter 13 bankruptcy stay on my credit report?

Chapter 13 bankruptcy stays on your credit score for 10 years.  However, a common myth is that you’ll have bad credit if you file bankruptcy.  In the majority of cases, the opposite holds true.  Chapter 13 Bankruptcy cases are built around payment plans.  On-time, monthly payments of the restructured debt begin rebuilding your credit almost immediately.  In most cases, your credit score will begin to improve drastically within 2 years.

How much do I have to pay? 

Monthly payments of your debt can only be decided upon with a competent attorney.  It is our goal to arrange for your payments to be as low as possible.  Our experience with debt assistance cases has ensured success in the Massachusetts courts for lowering your expected payments.

Will I lose my car or home with Chapter 13 Bankruptcy?

No.  As long as you continue to make payments once the bankruptcy case has been filed, you are not at risk of losing your property.  Extreme cases may exist if you hold an excess of assets, but these circumstances are rare.

Required Notice: The Law Office of Matthew J. Martin is a debt relief agency. In addition to other services, I help people file for bankruptcy relief under the Bankruptcy Code.