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    Chapter 13

    A Chapter 13 bankruptcy is an alternative to the complete removal of debts that occurs in Chapter 7 bankruptcy. When you file for a Chapter 13 bankruptcy, the court will require you to propose a payment plan that takes into consideration your disposable income. In this case, your debts will be reorganized rather than erased. The advantages of Chapter 13 bankruptcy include:

    –          The prevention of foreclosure on your house

    –          A new plan for paying off back taxes

    –          The protection of valuable non-exempt property

    –          The reduction of car and mortgage payments

    –          A halt on the buildup of interest on your tax debt

    The payment proposal is usually confined to 3-5 years, and if you follow that plan, your debt will be erased at the end of that time.

    Qualifications for Chapter 13

    If you wish to file a Chapter 13 bankruptcy, you must meet several qualifications. The court will consider factors such as:

    –          The amount your creditors will receive through your payment plan as opposed to the amount they would receive if you filed under Chapter 7

    –          The issue of whether or not you have a regular income that provides you with enough disposal income to reasonably make your new monthly payments

    Many residents of Colorado choose Chapter 13 bankruptcy because it gives them the option of keeping more of their valuable assets that would not be exempt in a Chapter 7 bankruptcy case.

    Chapter 7 or Chapter 13?

    The best way to determine which type of bankruptcy will most benefit you is to discuss your situation with a proficient bankruptcy attorney. If you live in the Colorado Springs area, you have access to the highly experienced team of bankruptcy attorneys at the Law Office of Andrew McKenna. With over 20 years of experience, Andrew McKenna is more than prepared to help you achieve the best possible outcome in your personal situation. Don’t wait any longer to resolve your debt problems. Call Andrew McKenna today for your free consultation.


    Contact us today at (719) 201-4527, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.


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