Q:
What is Chapter 13 Bankruptcy?
– Kim in Milwaukee

A:

Since 1982, multi award winning attorney Todd C. Esser has been leading the field, serving the community, and helping consumers just like you achieve success through trying financial times.

Since 1982, multi award winning attorney Todd C. Esser has been leading the field, serving the community, and helping consumers just like you achieve success through trying financial times.

One of the most effective tools a consumer or small business person has available to them is Chapter 13 Bankruptcy. Often referred to as a ‘wage earner plan,’ Chapter 13 is available to any individual who has a regular source of income whether the income is from a paycheck, business, rents, social security, pension, or any other source. Chapter 13 is extremely flexible and allows an individual to consolidate all of their debts and then provide a plan of arrangement in which some debts, like mortgage arrears, car loans or tax obligations are paid back through the plan at a modified interest rate, while unsecured obligations such as utilities, credit cards, medical bills, payday loans, or other unsecured obligations will be forced by the court to provide deep discounts. In other words, a Chapter 13 plan includes not only a structured payment plan for the types of obligations that need to be repaid in full, but also provides a structure to compromise or discount other obligations which are not ultimately repaid in full. Instead, certain creditor claims will be partially discharged by the proceeding.

Chapter 13 protection can stop foreclosures, car repossessions, garnishments, tax levies, student loan collection, even collection of child support arrears; but navigating a course through waters of bankruptcy, can be fairly complex. At ESSERLAW LLC our experienced attorneys will work with you to fully evaluate your situation, including debt and income, and determine if Chapter 13 is your best option. Together, with our legal team, we’ll map out the correct route for you and your family to become debt free. Contact us today so that we can get started.

The important thing is that you are taking the first step towards becoming debt free.

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