Chapter 13 Bankruptcy Attorney Seattle

Advantages of a Chapter 13 Bankruptcy

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Law Offices of Mark McClure
1200 Westlake Ave N #1006, Seattle, WA 98109
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Advantages of a Chapter 13 Bankruptcy

The arrangement allows individuals several benefits over chapter 7 liquidation. Perhaps the most significant advantage is that chapter 13 allows the opportunity for individuals to rescue their homes from foreclosure. Individuals have the option to cure delinquent mortgage payments and stop foreclosure proceedings over time by filing under this chapter. However individuals still must pay all outstanding mortgage amounts in a timely manner during the chapter 13 arrangement.

Allowing individuals to postpone secured amounts outstanding (other than a mortgage for their primary residence) and lengthen the amounts within the span of the chapter 13 arrangement is another benefit of chapter 13. The previously describe actions may result into lowered payments. A unique condition that shields relevant third parties who are legally accountable with the debtor on "consumer liabilities" under chapter 13.

The condition may also defend co-signers. Finally, the last benefit of a chapter 13 arrangement is that the individual will make the arrangements and payments to a chapter 13 trustee who will dispense payments to creditors under chapter 13. In this regard, chapter 13 is similar to a consolidation loan.

Chapter 13 Background Chapter 13 Background
A Chapter 13 bankruptcy enables individuals to develop a plan to repay all or part of their debts
Chapter 13 Eligibility Chapter 13 Eligibility
Any individual is eligible width unsecured debts less than $383,175 and/or secured debt up to $1,149,525
How Chapter 13 Works How a Chapter 13 Bankruptcy Works
We start with making a list of all your assets and liabilities. Your income and expenses
The Plan & Confirmation Hearing The Plan & Confirmation Hearing
A plan is submitted for court approval and provides for payments of fixed amounts on a regular basis
Making the Plan Work Making the Plan Work
Simply make regular payments, adjust your lifestyle to live with a lowered income.
Chapter 13 Discharge Chapter 13 Discharge
When you complet of all payments of plan and completed an approved course in financial management...
Chapter 13 Hardship Discharge Chapter 13 Hardship Discharge
If circumstances arise that prevent you from completing the plan. You may ask the court to grant a "hardship discharge."

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1200 Westlake Ave N #1006, Seattle, WA 98109 ★ Phone: (206) 789-8751
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