Have you ever looked at your bills and thought, “I’m never going to be able to pay all this off”? If you’ve reached that point, the next question should be, “Then how long are you going to keep trying?” How long are you going to endure the misery of being under constant pressure and not being able to fully enjoy your life? I founded the Ian Shearer Bankruptcy Law Firm in 1997 because I believe life is too short to be imprisoned by debt you can’t repay. I draw on more than 10 years of bankruptcy experience to offer personalized solutions to overwhelming debt. If you are deeply in debt but make a good income and perhaps have a house you want to hold on to, Chapter 13 bankruptcy could be the answer. I’ll take a close look at your financials and give you my candid assessment as a lawyer and as an MBA. If you think it’s time to file Chapter 13 bankruptcy, I will guide you every step of the way.
Unlike Chapter 7, which is a dissolution and quick discharge of your qualifying debt, Chapter 13 is a plan to restructure your debt and partially repay it over time before the court discharges your remaining debt. Chapter 13 bankruptcy is for people who have a steady income but still have too much debt to fully repay. Under Chapter 13, you propose a payment plan to the court based on your monthly disposable income. The plan must repay your creditors at least as much as they would receive if you filed Chapter 7. You commit to making your payments for three to five years, depending on your income. At the completion of your plan, the court discharges your remaining qualifying debt.
Because your payment plan is based on your income, not the amount of your debt, your monthly payment can be much lower than what you’re currently struggling to pay. You make one payment a month to the bankruptcy trustee, who disburses payments to your creditors. At the conclusion of your plan, the court discharges your remaining eligible debt, which can include:
If you are behind on your mortgage, Chapter 13 allows you to keep your home by paying what you can afford during the plan period, and increasing payments after your other debt has been discharged.
Chapter 13 is not a quick and easy discharge, but it stops creditor harassment, ends the threat of foreclosure or repossession, and shows you the light at the end of the tunnel. You get peace of mind right away and complete freedom within a very reasonable time.
Consumers who have a steady income but too much debt can get relief through Chapter 13 bankruptcy. To see if Chapter 13 is right for you, take advantage of a free consultation with the Ian Shearer Bankruptcy Law Firm in Lake Oswego. Call me at 503-810-0471 or contact my office online to schedule your appointment.