Is Chapter 13 Bankruptcy Right for You?
Engel Law Group: A Seattle, Washington, Bankruptcy Law Firm
Our firm helps people and families throughout the Puget Sound area, including King, Snohomish, and Pierce counties, to reorganize their debts under Chapter 13 of the U.S. Bankruptcy Code. For a free bankruptcy consultation — just call us at 206.625.9800, or send us an e-mail and a lawyer from our office will get in touch with you soon.
When is Chapter 13 Appropriate?
- If you cannot pass the Chapter 7 means test, Chapter 13 is probably your best — and only — option.
- If you have received a Chapter 7 discharge of debt in the last eight years, you must use Chapter 13.
- If you are behind on your mortgage or car loan payments, Chapter 13 allows you to keep those assets and make up the missed payments over time.
- If you have tax obligations, student loans, or large amounts of secured debt that cannot be discharged in Chapter 7, a Chapter 13 plan might be right for you.
- If you have nonexempt property that cannot be protected from creditors and you want to keep it — Chapter 13 might be the better choice.
- If you happen to have a co-signor on a debt that could be liquidated in Chapter 7 — a Chapter 13 plan will protect that person from being harassed by the creditor in question, provided you make your scheduled payments.
Last, some people who are eligible for Chapter 7 choose to file under Chapter 13 for personal reasons or a sincere desire to honor their financial obligations to the fullest extent possible. If you can't get over the feeling that you're doing something "wrong" by filing for bankruptcy protection — a Chapter 13 "pay back plan" is an option you should consider.
For answers to other questions you have about Chapter 13 bankruptcies, debt consolidation options or keeping your house and cars — just call 206.625.9800 to schedule a free consultation with one of our attorneys or contact us online.
