Chapter 13 Bankruptcy

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Chapter 13 Bankruptcy

Chapter 13 is known as a reorganization. Individuals who file a Chapter 13 usually are filing to protect and keep property that would have been at risk in a Chapter 7 case. Also, in a Chapter 13, you can repay mortgage arrears and restructure other types of debt that cannot be discharged in a Chapter 7. In a chapter 13 you can elect to retain or surrender certain collateral like cars and properties. Generally, you need to repay the secured and priority debts through a 3 to 5 year plan. The length of the plan is determined by the means test and other factors. Unsecured debt such as credit card debt may not have to be repaid or may be repaid cents on the dollar, depending on disposable income. A Chapter 13 is a very useful tool in repaying certain tax debt, since in many cases, penalties are treated as regular unsecured debt and may not have to be repaid. Also, if your property has been sold at a tax sale in Philadelphia, a Chapter 13 will allow you to pay the redemption amount over the 3 to 5-year plan and keep your property.

An Understanding and Personal Approach to Your Case

Let Sharon Masters review your financial situation, and she will help you determine the ideal strategy to resolve your debt problems and improve your financial situation. If Sharon deems that filing for Chapter 13 bankruptcy may be the best option, she’ll help you come up with a workable repayment plan.

Trust Sharon Masters and her experience to assist you in restructuring your debts and regain control over your life. Sharon understands that facing an overwhelming amount of debt can stressful for you and your family. In the vast majority of cases, the debt was accumulated through no fault of your own, but rather because of a life event, such as a medical condition, loss of job or divorce. Creditors DO NOT care why you’re in this situation, but attorney Sharon Masters DOES. She will help you through this very difficult time and be your tireless advocate. She is on your side.

Call for a FREE Consultation

Our Firm is conveniently located in Philadelphia, PA. Consultations free and confidential. To speak with Sharon Masters call today at 610-322-5277 or complete our online contact form.

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