Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also known as a wage earner’s bankruptcy, is an ideal option if you are facing foreclosure of your house and/or repossession of other assets or do not qualify to file for  Chapter 7 bankruptcy.

With the help of your experienced bankruptcy attorneys at Berger, Fischoff, Shumer, Wexler & Goodman, LLP, a repayment plan is proposed to the court in order to reorganize your debt. The Chapter 13 plan payments are made to an appointed Trustee who distributes the money to your creditors on a monthly basis.  During the period of the plan repayment, you and your property are protected from the creditors as long as you fulfill your obligations via the plan.  Through this process, you will remain current on your secured debts (mortgages, car loans, etc.)

The length of the repayment plan typically varies from three to five years, based upon your “disposable income” as well as additional secured and unsecured debt (please visit our bankruptcy FAQ page to learn more about the differences between secured and unsecured debt).

After your payment plan is successfully completed, your mortgage, car loans, and any other secured debt that initially fell behind will be deemed current. In addition, any remaining unsecured debts will be discharged or wiped out.

It is our passion to bring relief and hope to our clients. At Berger, Fischoff, Shumer, Wexler & Goodman, LLP, our attorneys will help you to obtain a fresh financial start, allowing you to rebuild your credit, set your financial priorities, save money, and create a strong foundation for your financial future. Please call us today at 1-800-806-1136 for a Free Consultation so that we can start providing you with the help you need.