Bangor Maine Chapter 13 Bankruptcy Lawyer

Our bankruptcy lawyers are here to help you find relief from debt.

Here at McCue Law Office in Bangor, we understand that every single client that comes to us has a unique story. We pride ourselves on listening closely to your needs and helping you find the legal solution that works for you. We’re experts in bankruptcy law and have over 39 years of experience helping people just like you. We’ll help you understand the differences between different bankruptcy chapters, including Chapter 13 bankruptcy. Learn more, and if you’d like to schedule an appointment with one of our bankruptcy attorneys, contact us today.

Benefits of Filing for Bankruptcy:

• Relieve stress, fear, and anxiety
• Stop creditor harassment
• Eliminate most, if not all, unsecured debt
• Begin improving credit score after filing
• Get a fresh financial start

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.

Making the Chapter 13 Bankruptcy Plan Work

The key component of Chapter 13 bankruptcy is that you are able to create a repayment plan to pay off your debt, however, you must make sure the plan succeeds after the court confirms it. The debtor will make regular payments to the trustee either directly or through a payroll deduction, which, if you choose to file chapter 13 bankruptcy, will mean that you need to adjust to living on a fixed budget for the full extent of the plan. Chapter 13 bankruptcy lasts three to five years, so it’s important to make sure that you will be able to make the agreed-upon payments. Ideally, you will be able to follow the plan that was agreed upon by the courts, but sometimes unexpected expenses (like a car repair or illness) can make it difficult to make your plan payment. After all, it’s unlikely that your life is going to remain constant during the three to five years that you’re working to pay off your debt. A bankruptcy attorney may suggest modifying the plan, or converting to a different form of bankruptcy, like a Chapter 7 bankruptcy. 

If you would like to talk to a bankruptcy lawyer about your options for making Chapter 13 bankruptcy plan work for you, contact McCue Law Office in Bangor today.