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Benefits of Chapter 13 Bankruptcy in Danbury
Chapter 13 is a specialized form of bankruptcy that addresses all forms of debt through a three-to-five year plan that allows for debt repayment, reduction and elimination based upon your unique circumstances and our thorough understanding of Chapter 13 law and our experience creating Chapter 13 individual plans of reorganization. Chapter 13’s wide scope and complete coverage allows us to fully address the needs of individuals and families with a range of financial problems. By enforcing an immediate halt on all collections or foreclosures, Chapter 13 provides families the time needed to restructure and properly prioritize their monthly living expenses and outstanding debt obligations of all kinds.
To learn more, call and speak with an experienced Danbury Chapter 13 attorney at the Law Offices of Neil Crane by calling 203-230-2233 or toll free at 1-888-249-3027. You’ll always speak directly with an attorney – We don’t use voicemail.
Chapter 13 Real Estate Protection and Saving Homes from Foreclosure
The filing of a Chapter 13 bankruptcy prevents homes from going into foreclosure and halts all foreclosures already pending through the creation of an automatic stay or stoppage of all collection actions including lawsuits and foreclosures. Chapter 13 provides for the prioritized repayment of all secured real estate debt over a three-to-five year period in the proper order of importance:
- Back Due Real Estate Taxes are paid over a three-to-five year period to halt collection activities and allow current tax payments in order to protect homes from tax foreclosure.
- Overdue First Mortgages Any past payments missed on a first mortgage can be reinstated while forcing the bank to bring the homeowner current and recommence accepting regular monthly payments.
- Overdue Second Mortgages Past due payments can be repaid over a three-to-five year period on second mortgages that are still fully secured. Unsecured second mortgages can be removed entirely through lien stripping and be treated as entirely unsecured claims.
- Liens and Attachments These forms of court-ordered debt usually result from collection lawsuits and can often be removed from property and eliminated or subjected to reduction.
Chapter 13 is the leading method to save homes from foreclosure and also repay overdue mortgage payments. Under Chapter 13, saving your home requires no permission or agreement from your bank.
Chapter 13 also provides for elimination or reduction of all other forms of unsecured debt, including:
- Credit Card Debt
- Collection Actions
- Personal Loans
- Lawsuits and Judgments
- State Income Tax
- Federal Income Tax
By providing a full range of protections, Chapter 13 assures that individuals and families in trouble can address and resolve all types of debts in all phases of collection. Chapter 13 provides the comprehensive relief that leads to long-term home ownership and permanent financial solutions.
To learn more about all the ways that a Danbury Chapter 13 Attorney can assist you and your family, contact us at 203-230-2233 or toll free at 1-888-249-3027. Or fill out our simple online Contact Form for a prompt response from a Danbury Chapter 13 debt relief attorney.