Chapter 13 Bankruptcy: The Basics

Facing financial difficulty can be one of the biggest and most frightening challenges of your life. If you are having trouble making necessary payments on debt and covering your regular expenses, you are not alone. Over 1.5 million people filed for bankruptcy in 2010 – the most ever in the United States. And while Chapter 7 bankruptcy is the most popular form of personal bankruptcy, a large number of individuals also file for Chapter 13 bankruptcy. Chapter 13 bankruptcy gives debtors the opportunity to establish a repayment plan with creditors, allowing them to repay their debts over a period of 3-5 years.

Like any form of bankruptcy, Chapter 13 can be very complicated and confusing. Fortunately, you don’t have to face this process alone. At Joshua Spirn & Associates, our Boston Chapter 13 lawyers are here to help you get out of debt and on with your life. Contact us today at 800-975-5346 and discuss your legal options with a qualified representative.

What You Need to Know about Chapter 13

Before filing for bankruptcy, it is important that you understand how the process works. Three of the most important things to remember about Chapter 13 bankruptcy are:

1. In order to qualify for Chapter 13 bankruptcy, your unsecured debts cannot exceed $360,475 and your secured debts cannot be more than $1,081,400.
2. Like all bankruptcy, Chapter 13 will affect your credit score for a few years after filing.
3. Chapter 13 bankruptcy lets debtors pay off their debts over time, rather than providing a discharge as in Chapter 7.

Contact Us

Overcoming financial troubles can be difficult, but fortunately, help is available. Contact the Boston Chapter 13 bankruptcy attorneys of Joshua Spirn & Associates today at 800-975-5346 and schedule an initial consultation.