Sometimes, if you are deemed to have disposable income, Chapter 7 is not available to you. In those cases, you are still able to file a Chapter 13 which is a reorganization of your debts. This can also be used to save a secured asset such as a home when you are behind on the mortgage. Again, the filing of the petition acts as a stay against any efforts to collect on the debt including foreclosure. The court is asked to confirm a repayment plan (typically over 5 years) which will pay back some portion of your debt. In the case of a secured asset, the plan will pay back any arrearage and allow you to retain the asset. Once the plan is confirmed and payments are completed, any remaining debt is discharged.
Not being able to pay bills such as your mortgage, car payments and property taxes can be a terrifying experience. It seems that once you are late it snowballs out of control almost immediately. As unnerving as this experience is it is important that you do have options that will prevent you from losing your home, car and other assets. If you want to explore your options regarding obtaining financial relief you should speak with a Norristown lawyer handling bankruptcy cases. At The Law Offices of James V. Monaghan I can help you save your house and get relief from creditors. I possess many years experience representing clients in Montgomery County, Pennsylvania.
Filing Chapter 13 Allows You To Consolidate Debt And Repay Over Time
Chapter 13 bankruptcy provides debt relief for:
- People with severe arrears on a mortgage who wish to avoid foreclosure
- People whose income is too high to qualify for Chapter 7 bankruptcy
- People with child support arrears
- People with spousal support arrears
- People with non-exempt assets
By filing a Chapter 13, your attorney and the bankruptcy trustee will negotiate a repayment plan to repay a portion of your debts over a period of years. Based on your disposable income and the type of debt owed, after household expenses, you will make monthly payments for three to five years. After that, any remaining debts are discharged and you are in the clear.
Will I Lose Anything in a Chapter 13 Bankruptcy?
Absolutely not. Any foreclosure proceedings, repossessions, or collection actions are immediately halted when you file. Creditors cannot call your home or threaten lawsuits. In addition, you will not forfeit any assets or possessions.
Can’t I File for Chapter 7 Bankruptcy Instead?
Not everyone qualifies for Chapter 7 bankruptcy, which wipes out qualifying debts completely. First of all, if your mortgage is in default and you want to keep your home, a Chapter 7 will not be effective. Chapter 13 bankruptcy provides protection from foreclosure and a repayment plan to make your current.
Pennsylvania workers’ compensation law is not always smooth sailing. I can streamline the process of getting you the medical treatment and money you deserve, protect your rights and save you from costly litigation. From medical care, to lost wages, to occupational diseases, to death benefits, I guide my clients through complex processes on the path to obtaining your well deserved benefits.
NO FEE ASSURANCE.
IF WE DON’T WIN
YOU DON’T PAY.
Why You Want James V. Monaghan On Your Side
My experience with Mr. Monaghan was a great experience. At the beginning he explained how things work in a case like mine. He kept me up to date as things changed. His administrator was very helpful and was able to answer any question I had. I would definitely recommend Mr. Monaghan for your legal needs.
Jim was with me from start to finish in my workers compensation claim against the national company that I worked for. I was with the company for 44 years before the injury happened and he was right by my side making sure that the company and their insurance company continued to provide me with my benefit until the claim came to a final and satisfactory conclusion. I would highly recommend Jim as a true workers compensation attorney that will fight for you and your rights under the worker compensation law.
Mr. James V. Monaghan has been working on a worker’s compensation claim for me. He has been great has walked me through different things I was unsure of and explained them to me that I understood what was going on through the process. He has handled some court part so far and has been great with all of it. I would recommend him to handle your case.
In 2016, I was buried over my head in bills and went to see attorney James V. Monaghan for help with filing for bankruptcy. From beginning to end, Jim Monaghan was friendly, professional, knowledgeable and accessible. He assisted me through the whole process and made sure that my bankruptcy went through without a hitch. What a relief it was to be free of so much debt. I highly recommend Attorney Monaghan to anyone needing assistance with a bankruptcy case.
I would recommend Attorney Monaghan to anyone seeking excellent legal representation. He was very informative and eased any anxiety I was having with the process. His assistant Linda is a great part of his team. He was always available for questions whenever I had them. Perfect 10.
Mr. Monaghan was a very helpful and supportive attorney who exhibited a professional and organized firm. He was wonderful and now my worries are gone. The process was smooth and my stress level has decreased. I highly recommend anyone to use Mr. Monaghan as an attorney to help with their needs.
Extremely knowledgeable and professional. Jim ensured that I was well informed and supported at each step. Excellent communication and correspondence throughout the process. I felt very safe being represented by Jim.
Jim was very helpful with my workers’ comp case. He really sped up the process in which the insurance company needed to do. Also, he has a calming, reassuring aspect of his character that honestly I wish all lawyers would have.
Jim was awesome! Very patient and kept me informed of everything that was going and what was going to happen. I would recommend him to anyone who needs lawyer services.