Bankruptcy

Chapter 13

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Is Chapter 13 Bankruptcy Right For You?

One debt relief option that many people don’t hear or read much about is Chapter 13 bankruptcy. Chapter 13 bankruptcy is an alternative for individuals or couples to the more straightforward Chapter 7 or the more complex and expensive Chapter 11 bankruptcy. Chapter 13 is often referred to as a wage-earner bankruptcy or a reorganization bankruptcy. It differs from Chapter 7 bankruptcy since it is a reorganization and requires monthly payments toward your debt.

People who file Chapter 13 bankruptcy propose a plan of reorganization to pay a portion of their debts over a three to five-year period. The unpaid portion of the unsecured debt will be discharged at the end of the case. People who file for Chapter 13 are often homeowners who are behind on their mortgage, have an income source, overwhelming debts, and assets that they wish to retain.

Using Chapter 13 To Reduce Your Debts

Chapter 13 bankruptcy is a good way to retain assets such as a home and cars and reduce one’s total debt obligations. A Chapter 13 may be the best solution in the following situations:

If you are behind on your mortgage payments, but could catch up within three to five years while making ongoing mortgage payments if you were allowed to reduce or eliminate other bills and liabilities.
If your property is worth less than the amount owed on your first mortgage, and you have a second mortgage on the property, then you may be able to eliminate the second mortgage, and turn this into an unsecured claim.
If you owe the IRS or state for taxes, but could repay the priority portion of those taxes over three to five years.
If you earn more than the median income for a Chapter 7 bankruptcy and have substantial credit card debt, personal loans, or medical bills.

Like any significant legal action, a Chapter 13 bankruptcy is not to be taken lightly. However, with the counsel and guidance of The Law Firm of Ullian & Associates, P.C., you can be sure you have made the right decision and take comfort that we have done everything possible to reduce or eliminate your debts and protect your assets.

Thinking about a Chapter 13? | Free Consultation

We provide big-firm expertise with small-firm attention. Our experienced Braintree Chapter 13 bankruptcy attorneys, John Ullian and Amy Puliafico, can explain all of your options and guide you toward pursuing the course of action that works best for you. To schedule a free consultation to discuss your options for a fresh financial start with an experienced bankruptcy attorney, contact the firm online or call 781-848-5980.

The Law Firm of Ullian & Associates, P.C., is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code.

Bankruptcy

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S.T.

” Thank you Amy…I really cannot thank you and John enough for your help. The two of you really are awesome. “

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” —- and I are so blessed to have yourself and John on our team. I know you hear that all the time, and maybe this is just a job to you but, — and I always talk about how professional, patient and personal you have been with us. Thank you!! John and yourself literally put us back on track with our lives. “

D.J.

” Dear Attorney Ullian – Thank you so much for all the legal help and advice that you have given me. … It has been quite a while since I’ve actually been able to see a light at the end of the tunnel. However, with your assistance that light is beginning to shine much brighter. … “

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” Dear John – As Thanksgiving approaches, I always reflect on my life during the prior year to determine what situations or individuals I owe thanks to – and believe me, you are at the top of my list! John, I hope I can express to you, my gratitude for the tremendous change that has occurred in my life within these past six months … since my [bankruptcy] filing, I have made every effort to look toward the future – towards a life that would have been impossible without your help. … “

D.O.

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C.P.

” Dear John – I just want to express my sincere thanks and gratitude to you for representing me in the manner that you did. I always felt you had my best interests at heart and guided me both as a fellow father as well as my attorney. Your advice and wisdom were comforting during this emotional process. … “

A.B.

” Dear John – I want to thank you for helping me through a difficult time in my life. I couldn’t have gone through it without your help. “

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