A Chapter 13 Bankruptcy allows individuals to reorganize their debt to a lower, more manageable monthly payment. This is different from a Chapter 7 in that debt is not immediately discharged but rather reduced. After three to five years the remaining debt is discharged.
Chapter 13 can also assist with Tax Relief. Depending on the time between the tax due date and when a Chapter 13 Bankruptcy is filed, individuals may have the opportunity to have their entire tax debt discharged. For more information about this and all your bankruptcy questions please schedule a free consultation today!
One of the greatest benefits of a Chapter 13 Bankruptcy is that it stops repossessions and foreclosures, and forces the creditor to accept catch up payments over the term of the plan. If you are facing repossession or foreclosure call today as once the foreclosure or repossession occurs it may be too late to save your property.
At Taylor Law we provide free consultations for all clients looking at filing an
Individual Bankruptcy (Chapter 7 and Chapter 13).
Call us today at 336.376.7060 or 919.304.7060!