Chapter 13 Bankruptcy
Chapter 13 bankruptcy is also called the wage-earners plan, and it is a type of bankruptcy that allows people with regular income to make a plan for repaying their debt in a more manageable way. You can think of Chapter 13 bankruptcy as a way for you to propose a repayment plan that fits your current monthly income, rather than accumulating debt faster than you can pay it off. Our bankruptcy attorneys are more than happy to talk with you in more detail about Chapter 13 bankruptcy and how it may fit your needs. Contact McCue Law Office in Bangor today to schedule a free consultation.
Advantages of Chapter 13 Bankruptcy
There are several advantages to Chapter 13 bankruptcy as compared to Chapter 7 bankruptcy. The most significant difference is that Chapter 13 gives you a better chance to save your home from foreclosure by rescheduling secured debts. Chapter 13 can also act like a consolidation loan, which means that the individual can make plan payments to a trustee who will then distribute the money to various creditors. However, every case is different, so contact a bankruptcy attorney at McCue Law Office in Bangor if you believe you need to file for bankruptcy and are unsure of what chapter is right for you or how you can begin the process.