Choose to work with an experienced bankruptcy attorney at The Law Offices of Christopher W. Parker LLC when you are interested in restructuring your debts by filing for a Chapter 13 bankruptcy. Chapter 13 is specifically designed to allow you to restructure the different payments or debts you owe. This form of bankruptcy in Beverly, MA, does more than simply consolidate personal loans, credits cards, and other types of unsecured debt. It is a viable option for individuals with regular incomes because it allows debtors to propose installment plans to repay some or all of their debt in a specific amount of time. Some of the items that may not be able to be discharged in a Chapter 13 case include alimony, child support, and student loans.
When you file for Chapter 13, you can alleviate financial strain and guarantee future stability. Our lawyer can create reorganization plans that must meet a certain set of requirements. Some of the features and benefits of a Chapter 13 bankruptcy filing include the following:
- Limited Time Listings: After seven years the bankruptcy is removed.
- Holding onto Assets: You don’t have to sell your assets to pay your debts.
- No Income Tests: You are not required to prove your income level.
- Time to Make Payments: You have an extended amount of time for the restructuring process.
- Favorable View from Future Lenders: A reorganization of debt is not viewed as unfavorably as some bankruptcy filings because you are making payments and taking responsibility for the debt.