Most consumers who pursue bankruptcy choose either Chapter 7 or Chapter 13. While both of these processes are geared toward everyday people who have become entrapped in debt, and both ultimately wipe away qualifying debt, they involve very different steps. An experienced bankruptcy attorney can help you determine which type of bankruptcy is right for you.
No Money Down Bankruptcy
At the law firm of Patton & Knipp, LLC, we provide no money down bankruptcy services for those pursuing Chapter 13 bankruptcy. Our legal team provides experienced guidance and one-on-one bankruptcy counseling for people facing difficult financial circumstances.
We have developed a unique Complete Bankruptcy model of legal guidance. This means we handle all aspects of the Chapter 13 process — from deciding whether to pursue bankruptcy through the completion of your case as well as post-bankruptcy matters — for no money down.
What’s Involved In Chapter 13?
The most important aspect of Chapter 13 bankruptcy is the repayment plan. This type of bankruptcy will allow you to tackle past-due payments through a single, affordable monthly payment that takes into account your financial circumstances. At the end of the three- or five-year repayment plan, any qualifying debt that hasn’t been paid off will be discharged (eliminated).
When Does Chapter 13 Make Sense?
For some people, Chapter 7 bankruptcy makes sense because it is a faster process and does not require a repayment plan. However, Chapter 13 may be a better option if:
- You do not qualify for Chapter 7
- You earn a steady income
- You have assets that could be lost in Chapter 7
- You want to save your house from foreclosure
- You want to catch up on overdue car payments to avoid repossession
- You have an underwater second mortgage on your home
- Your unique situation should determine which path you pursue.