Debt Relief for Individuals with Regular Income
When you develop spending habits or grow accustomed to a certain lifestyle, it can be difficult to change. Unfortunately, because of the economy, many people who had succeeded financially have been forced into situations that make it challenging to meet their financial obligations. After a pay cut or job loss, mortgages, student loans and extraneous credit card bills can uproot the financial stability of a family.
If you are struggling to make ends meet but think you will be able to pay off your debt in a few years if you could just get the size of your monthly payments right, Chapter 13 bankruptcy may offer the debt relief you need. At Moniz & Mendes, P.C., we help clients in the North Shore and surrounding communities in Massachusetts get the fresh start they have been waiting for.
Who Should File for Chapter 13 Bankruptcy?
Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. If you want to save your family business, home or car, Chapter 13 may also be the right solution.
Because Chapter 7 is limited to people whose income is within certain guidelines, many higher income earners file for Chapter 13. Under Chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors, and the amount of the monthly payment is based on your disposable income.
If you are struggling to make ends meet, we can help you find the debt relief you need. Schedule your free initial consultation with an experienced bankruptcy lawyer by contacting us online or by calling 781-350-4963.
