Have a Roanoke, VA Chapter 13 Bankruptcy Lawyer from Giles & Lambert, P.C. Stop Foreclosure in Southwest Virginia and the Western District

Are you behind on the payments on your car or house? Worried you may not be able to keep them? Have equity in your house, but unable to refinance and pay off your bills? A Chapter 13 bankruptcy – or debt consolidation bankruptcy – may be the option for you!

Also known as the wage earner plan , all debts are combined and restructured in such a way that the debtor makes an affordable monthly payment to the Trustee, who uses this money to repay the debts. This debt consolidation is not a loan. It is a type of bankruptcy law which requires your creditors to take less money monthly over a longer period of time. And, best of all, at the end, the portion of unsecured debts you have not been able to pay are discharged or forgiven.

Unlike a Chapter 7, a Chapter 13 provides a way for the debtor to pay overdue student loans and taxes without additional interest and penalties, and get current on delinquent house and car payments while keeping these assets. Most unsecured debts, such as medical bills and credit cards, are be paid back at PENNIES ON THE DOLLAR, with the remainder of the debt wiped out.  Some secured debts, such as those for vehicles, can be reduced to the current value of the collateral or have interest rates reduced to a reasonable amount. Chapter 13 repayment plans generally last between three and five years.

How does a Chapter 13 Bankruptcy Work?

The filing process, creditor notices, and hearings are similar to the Chapter 7 process. However, the terms and conditions leading to discharge are different depending on the agreement reached on each individual repayment plan.

Stop Foreclosure. Stop Repossession. Stop Creditor Harassment.

Talk to a Virginia Chapter 13 bankruptcy lawyer at Giles & Lambert, P.C. for a free consultation to file Chapter 13. Contact numbers are listed below.

The firm of Giles & Lambert, PC represents individuals and businesses throughout Southwestern Virginia. The Roanoke office represents folks from the Cities of Roanoke, Salem and Radford and the Counties of Roanoke, Botetourt, Craig, Floyd, Montgomery, Franklin, Giles, and Pulaski. The Martinsville office represents folks from the Cities of Martinsville, Danville, South Boston and the Counties of Henry, Franklin Pittsylvania, Halifax, Patrick.

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