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Debt Payment Plans Can Mean A Fresh Start
Debts can overwhelm people, even if they have a regular source of income. A reorganization under the provisions of Chapter 13 bankruptcy could help you prevent financial disaster.
At Bastarrika, Soto, Gonzalez & Somohano, L.L.P., in Woodland Park, we take the time to understand your financial situation. Our analysis could help you make a choice about filing for bankruptcy. We have decades of experience helping people find financial relief through bankruptcy.
Why Use Chapter 13 Bankruptcy?
A Chapter 13 filing includes a payment plan proposal approved by the court. These plans last for either three or five years, depending upon your income.
The bankruptcy court considers your income, debts and assets before approving a proposal. Based on this information, the court will decide how much of each debt must be repaid. These plans can help you address your debt in a reasonable timeframe and with clear deadlines.
Understanding Bankruptcy Eligibility
Some consumers must file under Chapter 13 if they have enough income compared to debts. In other cases, you might have a choice between Chapter 13 and Chapter 7 liquidation. After we evaluate your financial position, we will help you choose which route could offer relief. Even if you qualify for Chapter 7, you might still want to pursue a reorganization if your income is sufficient and you have nonexempt assets to protect.
Start The Path To Debt Relief Today
The structured, reasonable nature of Chapter 13 repayment plans means many peopel are able to finally overcome years of debt.
Discuss the pros and cons of filing for Chapter 13 bankruptcy with an experienced bankruptcy lawyer. Call us at 973-370-0997 or 201-212-4572 to schedule an appointment with one of our attorneys, or send us a message online.
We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.