Chapter 13 bankruptcy offers individuals with a steady income the opportunity to repay their debts over several years while keeping their property. The idea is that you consolidate your debts and make payments until the whole package is paid off.
Generally, this reorganization of debt is much more affordable than your current payments. While in a Chapter 13 bankruptcy debt repayment plan, your creditors cannot collect from you, and must abide by the terms of the plan. This means no more harassing phone calls, no more threats, and the ability to pay off your debts in a reasonable time.
Stopping foreclosure with Chapter 13 bankruptcy
If you're making enough money to pay your current mortgage bills while also making payments on your back debts, you can usually stop a foreclosure with a Chapter 13 bankruptcy. This is often your best option, and can help you avoid a major disruption in your lifestyle and that of your family.
Call Eastside Legal today at 615-600-4577 for a free consultation. Let us help you defend your assets and your family from the results of bankruptcy and foreclosure.