Attorney Mark Marshall: Affordable Representation For All Your Legal Needs.
Westlake, Independence and Beachwood locations.
Handle Bankruptcy matters in Cleveland, Akron and Canton
Payment Plan Available
Chapter 13 Bankruptcies
Chapter 13 bankruptcy is a process by which an individual pursuant to a payment plan pays off most of their debt within three to five years. At the end of that time, that individual is brought current on their secured debts (typically a house or car), and remaining unsecured debt is typically wiped away. A Chapter 13 bankruptcy offers the following advantages:
- It allows you to stop a foreclosure or repossession and keep your secured property such as your house or car.
- It offers immediate protection from creditors who are prohibited by a bankruptcy stay from moving forward with further garnishments, foreclosure proceedings, harassment, or other collection activites.
- It allows you to keep nonexempt property that would otherwise have to be surrendered in a Chapter 7 bankruptcy.
- In some circumstances, it allows you to get rid of a second mortgage or Home Equity Line of Credit.
- It allows in certain circumstances for an individual to reduce that outstanding lien on a piece of personal property (such as a car) to its current market value.
- It offers bankruptcy protection to individuals who are unable, due to an ability to repay debt or a prior bankruptcy within the last eight years, to file a Chapter 7 bankruptcy.
Chapter 13 Bankruptcy isn't for everyone. You must have a sincere desire to repay your debts. In order to qualify, you must have a regular and steady income that is high enough to maintain a monthly plan payment, while still having sufficient income to meet basic needs. Moreover, certain types of debt such as taxes or student loans cannot be discharged. The total amount you must pay per month will depend on how much you owe, the type of debts you have, and your household income.
My attorney fee for a Chapter 13 Bankruptcy is $2,000.00 (plus $310.00 filing fee). However, only $600.00 in attorney fees are paid up front, and the remainder ($1400.00) is paid by the trustee out of the Chapter 13 payment plan.