There are two main types of personal bankruptcy. Chapter 7 and Chapter 13. The latter is for people who have money left over every month after paying regular living expenses such as a mortgage, bills and child care expenses. Using this method, the leftover money remaining each month can be used to pay creditors on a pro rata basis a portion of what you owe them.
Who uses the Chapter 13 option? People who want to retain the maximum amount of their assets and do not want to liquidate anything, which are two things that often happen in a Chapter 7 bankruptcy filing. Chapter 13 is also for people who do not qualify for Chapter 7 under the means test.
At Richard I. Isacoff, P.C., personal service is tailored to each family’s unique legal needs. A free consultation is offered so that Berkshire County Chapter 13 lawyer Richard I. Isacoff can help you make an informed decision regarding how to approach and manage your debt. To schedule your free consultation, call the Pittsfield office today at 413-443-8164.
Get Thorough Counsel From a Detailed and Skilled Pittsfield Debt Repayment Plan Lawyer
The Chapter 13 process involves the creation of a debt repayment plan that is designed to help you catch up on past debts. This plan, lasting three to five years, should fit comfortably into your budget and involves one convenient payment spread among your creditors, instead of you having to write many different checks to many different parties and keep track of how much you have paid back each creditor.
Upon successful completion of your payments, your remaining debts are discharged. The Chapter 13 process should involve little or no liquidation of assets. In some instances, with careful budget planning assistance from Attorney Isacoff, you can even prevent your home from falling victim to foreclosure. His background in banking and in real estate is an additional asset in this area.
From the moment you become a client of the firm, Attorney Isacoff will tirelessly work on your behalf to help you achieve your financial goals and a fresh start.
Contact Richard Isacoff in Pittsfield, Massachusetts, today to schedule your free initial consultation. The quickest way to reach him and to starting taking steps to achieve peace of mind is to call 413-443-8164 or by Email .
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.