Chapter 13

What Is The Difference Between Chapter 13 & Chapter 7?

Chapter 13 is also known as consumer bankruptcy and is available to only individual consumers rather than businesses. The key differentiator With chapter 13 bankruptcy is that unsecured debts are addressed interest free. This helps you set up a payment plan that is manageable to pay back over time without high monthly interest rates keeping debts accruing. Chapter 13 bankruptcy also prevents liquidation of your assets and property that is considered exempt or protected.

3 Types of Debt You Can Repay

  1. Priority Debts - Debts that are exempt/unable to be forgiven include taxes, college loans and child support fees.
  2. Secured Debts - these debts include anything that is able to be repossessed as collateral such as your car loan or mortgage.
  3. Unsecured Debt - consists of debts from medical bills or credit cards.

Do You Qualify For Chapter 13 Bankruptcy?

If you have less than 394,725 in unsecured debt and less than 1, 184, 200 in secured debts, then chapter 13 bankruptcy might be right for you. Call Moody Law Offices, P.C. to schedule a free consultation 724-844-4400 or 412-310-4285.

Man Computing His Debt — Allegheny County, PA — Moody Law Offices, P.C.

Don't Have Your House or Car Repossessed! File Chapter 13 Bankruptcy 

An experienced bankruptcy attorney can help you lower car payments, eliminate second mortgages and most if not all credit card debts without foreclosing on your home. Learn the advantages and disadvantages of chapter 13 bankruptcy and if it's right for you call Moody Law Offices, P.A. at 724-844-4400 or 412-310-4285.

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