You Can Keep Your Property in Chapter 13 Bankruptcy
Chapter 13 bankruptcy should not be confused with Chapter 7, as they are significantly different methods of relieving debt. Chapter 7 is the method that is frequently referred to as liquidation, because in certain cases, the court can sell off non-exempt property to partially repay creditors. Chapter 13 is quite a bit different. It does not require you to turn over any property. In fact, one of the main reasons people choose this type of bankruptcy is because of the asset protection it provides.
At the Arizona Law Group of Trezza & Associates, we will answer all of your questions about Chapter 13 bankruptcy, including those about keeping your property. Do not hesitate to contact us to schedule a consultation with attorney Stephen Trezza.
Keep Your House, Your Car and Everything Else
In Chapter 13 bankruptcy you may pay back a portion of what you owe through a debt payment plan. You will be able to include mortgage arrearages and past due car payments in this plan, allowing you to get caught up. After the plan is finished, between three and five years, you will be able to move forward with regular payments on anything that has not been paid up, but you will be caught up on everything that was past due when you entered bankruptcy.
You will be able to keep your house, your car and everything else. The only thing that you get rid of through Chapter 13 bankruptcy is your debts.
We will carefully analyze your situation and offer you advice about all of your options. If you are considering Chapter 13 in order to protect a certain piece of property, we will make certain that you could not achieve the same goal by filing a Chapter 7.
Since we are experienced and well-versed in Chapter 7 exemptions, we are often able to help people protect their assets while still getting the immediate results and time and cost savings that come with Chapter 7. We want to make certain you file the type of bankruptcy that makes the most sense for you.
Contact Us to Learn More About Chapter 13 Bankruptcy
"What can I keep after filing Chapter 13?" Our Tucson attorneys can answer that question. We take the time to go over all of your concerns during the inital free consultation, and help you make an educated decision. Contact us through our easy online form to set up your consultation.
Written by the Office of Stephen Trezza