Chapter 13 Bankruptcy Lawyer Serving Worcester and Framingham
Who qualifies for chapter 13 bankruptcy?
Individuals who do not qualify for a Chapter 7 bankruptcy, are facing foreclosure,
or attempting to strip a second mortgage lien may file Chapter 13 to resolve
their overwhelming debts. If you have a regular income that allows you
to repay your debts in some manner, this filing would provide you the
opportunity to do that. If you are considering filing for bankruptcy,
it is vital that you contact a qualified
Chapter 13 Bankruptcy attorney in the Worcester or Framingham area to advise you on the best course of action.
We understand that filing for bankruptcy is stressful and perhaps even
frightening. However, federal regulations have provided these legal avenues
for you to use if you find yourself in a difficult financial position.
Our experienced and caring attorney at the Law Office of Robert W. Kovacs,
Jr. will provide you with all the information you will need in order to
make an informed decision. Because you do have a steady income, Chapter
13 will restructure your debt some individuals pay as little as 0% to
their unsecured creditors. You will make a reasonable monthly payment
based on your income, have your debt discharged and in some cases strip
the lien on a second mortgage. Unlike debt negotiation, where your creditors
have the final word in accepting or rejecting your officer, in Chapter
13 you have the power to tell your creditors what you will repay, and
the court will enforce it. With our assistance, a list of all your obligations
and a schedule to pay them will be prepared. Once your case is filed,
all calls from collection agencies or creditors is required to stop, allowing
you relief from some of the stress involved in your situation.
Lien Stripping: Eliminating a Second Mortgage
In today's economy, many homeowners are in situations where they are
facing overwhelming debt. Their homes are also now worth far less than
the mortgages they owe, compounding the financial difficulties these hardworking
homeowners have to deal with. Chapter 13 may play an important role for
these people by offering the valuable opportunity of "lien stripping"
wherein the second mortgage on a home is eliminated. In filing a Chapter
13 bankruptcy case, you may be able to keep your home and yet eliminate
your second mortgage. In order to do this, however, the value of your
home must be equal to or less than the outstanding principle on your first mortgage.
Some may think that filing for bankruptcy will put their home in danger,
but this is simply not the case in bankruptcy. In fact, eliminating your
second mortgage may make a significant and positive impact on your ability
to recover financially
and keep your home.
Taxes and Chapter 13 Bankruptcies
Chapter 13 bankruptcy may offer effective resolutions to your tax problems,
including the discharge of tax penalties, the elimination or reduction
of tax liens to the present value of your assets, or an interest-free
repayment plan. Your options in regard to taxes and filing for bankruptcy
under Chapter 13 will vary depending on your unique case, including whether
your taxes are recent or old. An experienced lawyer can review your case
to determine how to best manage your tax obligations.
Worcester Framingham Chapter 13 Bankruptcy Attorney
Bankruptcy will enable you to get on stable financial ground and look towards
the future. If you are comparing bankruptcy attorneys in Worcester, MA,
come to the Law Office of Robert W. Kovacs, Jr. today for the high quality
and professional legal service you deserve.
With a careful review of your financial situation, our caring and compassionate
attorney from the Law Office of Robert W. Kovacs, Jr. will discuss your
options with you. Together we will determine the best possible solution
to your specific circumstance. Contact us today.
Contact Framingham Worcester Chapter 13 Attorney from the Law Office of
Robert W. Kovacs, Jr. when you are in need of qualified legal representation in bankruptcy filings.