Jackson Chapter 13 Bankruptcy

(Chapter) 13 could be your lucky number

An expensive medical emergency. Divorce. Some poor financial decisions. Any number of issues can cause financial hardship so severe you are unable to catch up. Yet you have a steady income and own a home. You have a lot on the line and you are looking for a solution.

Enter Chapter 13—and the Jackson bankruptcy attorneys at Pond, Gadow & Tyler. If you are facing personal bankruptcy we will help evaluate your finances and determine if Chapter 13 or Chapter 7 bankruptcy is the right option for you. We can also help you avoid:

Make the next chapter in your financial life a good one

Also known as reorganization bankruptcy, Chapter 13 bankruptcy allows you to create a three– to five–year payment plan for your debt. Your payment plan is based on your income instead of your assets. Essentially, your various debts are consolidated into a single payment you will make to a Chapter 13 Trustee who then disburses payments to your creditors according to your court-approved and legally binding Chapter 13 Plan.

If you are considering filing for bankruptcy in Jackson, Chapter 13 may be the right option for you if you have non-exempt property you would like to keep and a reliable income that enables you to pay your regular expenses while making payments on your debt.

Stop auto repossession with Chapter 13

When you reorganize your debt under Chapter 13 bankruptcy, you can basically refinance your existing auto loans. Entering Chapter 13 stops repossession and collection efforts against you.  You must make all Chapter 13 payments and keep your car insured throughout Chapter 13, as failure to do so is considered default and a bankruptcy judge could force you to turn your car over to the lender.

Halt home foreclosure with Chapter 13

Filing for Chapter 13 stops foreclosure actions. When you file, your debt repayment plan should make it possible for you to catch up on your mortgage payments within 36 to 60 months (depending on the length of your plan). If you make your Chapter 13 payments according to plan, the bank or mortgage company cannot foreclose on your home.

Let Pond, Gadow & Tyler fight on your account

If you are considering filing for Chapter 13 in Jackson, the experienced lawyers at our bankruptcy law firm will walk you through the process and help you make the right choices for your financial future. Contact us today for assistance.