Get Back on Track with a Debt Repayment Plan
Chapter 13 bankruptcy relief
Even people with a steady job might find it very difficult to catch up on their bills if they have suffered a temporary financial setback due to a job loss, divorce, medical problem, or some other unexpected event. Alhejaj and Associates, P.C. explains how Chapter 13 bankruptcy can stop harassment from creditors by establishing a fair repayment plan. Drawing on the experience gained from developing effective debt relief solutions for thousands of clients, our firm relieves the financial burden faced by debtors. These issues can be dealt with, but they don’t disappear on their own. Our attorney will help you find a way forward no matter how difficult your situation might seem.
Personalized comprehensive guidance
Sometimes referred to as a “wage earner’s plan,” many people are unaware of the benefits that a Chapter 13 filing offers. Unlike Chapter 7 bankruptcy, which has stricter eligibility requirements, Chapter 13 is open to more people and allows you to consolidate your debt with a three to five year repayment plan, depending on your income and resources. This program gives people struggling with overdue payments the opportunity to:
- Stop collection actions — Once your Chapter 13 bankruptcy is filed with the court, an automatic stay is issued. At that point, creditors, along with their lawyers and collection agencies, are not permitted to contact you regarding what you owe. Moreover, punitive actions, such as the cutoff of utility services, are not permitted while the proceeding is pending. At the conclusion of your proceeding, you are legally protected against further harassment if you abide by the terms of your repayment plan.
- Protect your home and property — During a Chapter 7 bankruptcy, if a debtor has too much property it can be sold at a liquidation sale so that the funds can help repay creditors. Avoiding this liquidation process is a key reason why some people choose to seek Chapter 13 protection. By working out a comprehensive program to satisfy a portion of your debt obligations, we work tirelessly to help prevent home foreclosure, repossession of property and the forced sale of your assets.
- Reorganize and simplify debt obligations — After conducting a thorough review of your circumstances, our attorney creates a strategy that will help you manage your debt obligations with one monthly payment through your Chapter 13 plan. We work hard to negotiate better terms with creditors through debt reduction, reduced interest rates, and extensions in the amount of time you have to repay what you owe.
Relieve the burden stemming from second and third mortgages
Some homeowners take second or even third mortgages out on their property to meet urgent financial needs. Unfortunately, sometimes the value of a home is not even enough to cover what’s owed to the lender on the first mortgage. Under a Chapter 13 process sometimes known as “lien stripping,” individuals in this situation can have their second and third mortgages revised so that they convert to unsecured debts. In other words, these obligations can be covered in the repayment plan and the financial institutions who issued these loans no longer can foreclose for nonpayment.
Having a skillful bankruptcy attorney by your side gives you the best chance to secure a favorable result. Don’t prolong your struggle because of the stigma that some associate with bankruptcy or the mistaken belief that you might not deserve relief. America is the land of second chances, and bankruptcy is a legal procedure established specifically to give people that second chance. Our firm handles Chapter 13 bankruptcy actions and other debt relief tasks to help people overcome their financial troubles.
Contact a compassionate Chapter 13 bankruptcy lawyer for a free consultation
Alhejaj and Associates, P.C. in Omaha assists Nebraska and Iowa clients in the development of Chapter 13 bankruptcy repayment plans and other debt relief solutions. For a free initial consultation to discuss your options, please call 402-345-1717 or contact me online.