Suffering the burden of crushing debt, overdue bills and the threat of foreclosure or repossession is not something that you have to go through alone. Through a Chapter 13 bankruptcy filing, we can help you to regain a stable financial footing, keep your property, and obtain debt relief.
At Sypher Law, we help our clients in the Kansas City area make new beginnings by guiding them through the bankruptcy process. During your free, no-obligation consultation, we review your individual financial situation in order to recommend the best solution for you. We are experienced in bankruptcy law, and compassionate to each client’s individual needs. We will do our best to help you.
For those who have regular income, a Chapter 13 Plan will help to reorganize all debts and retain property. Your plan will include a monthly payment to a Chapter 13 Trustee, who will make regular payments to your creditors over three to five years. The repayment plan usually includes house payments, car payments, tax debt, and other debts that are not discharged in a bankruptcy. Rarely do you have to repay unsecured debt in a Chapter 13, unless you can afford to do so. If your monthly income is less than the state’s median income, the payment plan will be for three years unless the court approves a longer period. If your monthly income is greater than the state’s median, the payment plan generally must be for five years. During the repayment period, the law forbids certain creditors from starting or continuing collection efforts. Chapter 13 cases are often complicated and require an experienced attorney for review before filing.
Additional information about the bankruptcy process can be found on our Bankruptcy FAQ page.
Sypher Law will evaluate your situation and help you decide whether to file a Chapter 13 bankruptcy or a Chapter 7 bankruptcy.
Chapter 13 may offer you an opportunity to save your home from foreclosure. By filing a Chapter 13 bankruptcy, you may be able to get debt relief, stop foreclosure proceedings and resolve delinquent mortgage payments over time. However, it is still necessary to make all mortgage payments that come due during the Chapter 13 payment plan on time.
Another advantage of a Chapter 13 bankruptcy filing is that it allows individuals to reschedule secured debts and extend them over the life of the Chapter 13 plan, with the exception of a primary-residence mortgage. Examples of debts that can be rescheduled are vehicle loans and tax debt. Rescheduling these debts may lower the payments for the debts and reduce interest and penalties.
A Chapter 13 bankruptcy could help to lower your debts and allow you to keep your home and personal property. Most importantly, it may give you a second chance and the opportunity for a new financial life. Do not hesitate to call Sypher Law, LLC at 913-451-8833 today for more information.