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Benham Law, Inc. Chapter 13 Bankruptcy Advice

If you’re feeling overwhelmed with debt, your best option might be Chapter 13 bankruptcy. Benham Law, Inc. handles Chapter 13 bankruptcy proceedings for all of South Metro Denver. Chapter 13 bankruptcy isn’t the end. It’s a brand-new beginning. Our legal team is here to help things move along as quickly and painlessly as possible. One of the ways we help is by educating our clients, which begins now. We want to make sure you understand what is expected of you during a Chapter 13 bankruptcy and how it will impact your life and finances moving forward. Take a look at our FAQs and contact Benham Law, Inc. today.

What is Chapter 13 Bankruptcy?

There are several forms of bankruptcy, including Chapter 7 and Chapter 13. The two chapters are very different and you’ll need to understand the basic differences between the two. In general, Chapter 7 is known as a liquidation type of bankruptcy.  Chapter 7 bankruptcy is ideal for individuals with lower income, exempt assets, and usual debt.  Chapter 13, on the other hand, is known as a reorganization type of bankruptcy.  Chapter 13 bankruptcy can be ideal for higher-income earners, increased assets, tax debt, mortgage or car loan arrears and many others.  Chapter 13 allows you to pay a certain amount of your debt over time in a Chapter 13 reorganization plan.   Rarely in a Chapter 13 do you end up paying all of your debt.  Any debt remaining at the conclusion of Chapter 13 is discharged.

How Do You File for Chapter 13 Bankruptcy?

Once you’ve decided to file for Chapter 13 bankruptcy, your attorney will consult with you to get a clear and complete picture of your financial situation. We take your information and complete and file certain forms with the court.  These forms include income and expense schedules, asset and debt schedules and a chapter 13 plan.  Your filings are analyzed by the Court, your creditors, and the Trustee.  Once your chapter 13 repayment plan is confirmed, you will make payments according to your chapter 13 plan.  Most Chapter 13 plans require payments for 3 to 5 years.  At the conclusion of your plan payments, the Court will issue your final discharge.

When Should You File for Chapter 13 Bankruptcy?

If your financial situation has overwhelmed you, Chapter 13 can be an option because it’s an excellent way to:

  • Catch up on mortgage and car loan payments
  • Pay tax debt without new penalties or interest
  • Get rid of credit card, medical, collection debt
  • Stop lawsuits and other collection activities
  • Catch up on child support

How Long Does Chapter 13 Last?

Because Chapter 13 requires individuals to pay off a portion of their debt over a set time, one of the most common questions we receive is how long it will take to complete the repayment plan. The length of your plan depends on several factors including income, debt amount, etc.  A chapter 13 repayment plan can be anywhere between 36 and 60 months.

How Long Does Bankruptcy Impact Your Credit Score?

Bankruptcy can remain on your credit report for up to ten years. However, this does not mean obtaining new loans will be impossible.  Our clients are often able to obtain new credit cards, home loans, and other debts quite soon after filing.  In addition, bankruptcy can improve your debt to income ratio, making new loans possible after you file.  Often times, the credit implications of filing bankruptcy far outweigh the risks and downsides of not seeking bankruptcy relief and help from Benham Law, Inc.

Contact Benham Law Inc. Today to Get Started

Don’t be afraid to reach out to Benham Law, Inc. if you are feeling overwhelmed with your debt and financial situation. While filing for Chapter 7 bankruptcy can be intimidating, it also provides a tremendous amount of financial freedom.  Contact Benham Law, Inc. today to start the Chapter 7 bankruptcy process.

Benham Law, Inc. believes in helping our clients achieve financial freedom. If you are feeling overwhelmed with your financial situation and like you will never get out from under your debt, contact our bankruptcy lawyers today to discuss your bankruptcy options. Chapter 13 bankruptcy is a way to deal with your debts and regain control of your financial situation.