Arthur M. Richard III

Chapter 13 Bankruptcy

Debt Consolidation

Chapter 13 is a debt repayment plan through which you consolidate your debt over a 3 to 5 year period. Creditors cannot contact, harass or collect from you during the term of the plan. You can save and keep your house, car and other property in a Chapter 13. Debts that are generally consolidated in a Chapter 13 are mortgages arrears, balances on vehicle loans, student loans, credit card debt and other unsecured debt. Most of the time, only a percentage of the unsecured debt is paid back.

Stop Foreclosure

Chapter 13 will stop a foreclosure any time prior to the Sheriffs sale and allow you to repay your mortgage arrears over a 36 month period. You will still be obligated to make all future mortgage payments, but the foreclosure is stopped. Call me NOW because once the Sheriff sells your home, there is nothing I can do in saving your house.

Save Your Car

We can use Chapter 13 to stop a finance company from repossessing your vehicle. Depending upon the time of your purchase, you may pay back the retail value of your vehicle, the remaining amount owed will be treated as unsecured debt. We can get your car back if recently repossessed as long as we file prior to repossession sale.

Protect Cosigners

Your cosigners receive the same protection that you receive under Chapter 13. Chapter 13 will protect your cosigner from collection activity, & creditors must wait to be paid through the Chapter 13.

Consolidate Student Loans

Although you may not eliminate your student loans in a Chapter 7, you can consolidate them with your bills in Chapter 13 and stop collection action against you. I will stop the collection action and garnishments related to student loans. If there is any remaining balance on the student loan after your Plan has ended, you should be in better financial situation to pay the remaining balance.

Refinancing May Not Be The Answer

If you have equity in your home, you can file a Chapter 13 to protect your equity and repay your mortgage arrears. Refinancing, taking out a second mortgage or home equity loan may just create an additional monthly payment that you cannot afford; instead, by filing Chapter 13, you won't eat up your equity with another, interest-bearing mortgage.

Call the Law Office of Arthur M. Richard III for a consultation.