Law Office of Vlad von Timroth

Debt Reorganization Through Chapter 13 Bankruptcy

Filing for bankruptcy under Chapter 13 is one way to gain relief from crushing debt. Most people who file under Chapter 13 are carrying between debt of $20,000 and $50,000 or more.

They are individuals, married couples and families from all walks of life who have assets to protect. Chapter 13 bankruptcy can bring them relief from this financial burden.

To determine whether Chapter 13 bankruptcy is right for you, I recommend that you arrange a free initial consultation at my offices in Worcester or Brookline, MA. I will listen carefully as you describe your particular financial situation, respond to all your questions, and give you an overall appraisal of whether and how bankruptcy would provide resolution of your financial challenges. Call me at 508-753-2006.

What Is Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy differs from Chapter 7 in significant ways. As we saw above, Chapter 7 provides discharge of most debt. It does not significantly affect debts secured by real or personal property, if you wish to retain such property. Chapter 13, on the other hand, is a legal reorganization of your debt. This arrangement requires that you repay a portion of the debt over a period of years – between three and five years. Assets such as your home and car can sheltered, and arrears on the mortgage/loans can be included in the payment plan.

As your bankruptcy attorney, I will work diligently to create a debt repayment plan that makes the payments on your unsecured debt as low as possible. At the same time, I will work to protect you against foreclosure, repossession of your vehicle, and garnishment of your wages.

To benefit from a Chapter 13 bankruptcy, you must first develop a bankruptcy plan approved by a bankruptcy Court. It is the Chapter 13 Trustee to whom you will be making one lump monthly payment. The Trustee’s responsibility is to distribute these funds to your creditors. You will also be responsible to make your current monthly mortgage and car payments directly to your secured lenders.

Chapter 13 offers a number of significant benefits to residents of Massachusetts, including:

• Stop foreclosure actions.
• Provide debt relief for high-income individuals and families who do not qualify for Chapter 7 bankruptcy.
• Stop harassing calls from creditors.

Take Control of Your Financial Future Again

The first step in addressing this important matter is a free consultation. All Massachusetts residents interested in more information about Chapter 13 bankruptcy can reach Attorney von Timroth at 508-753-2006.

You will be able to arrange a free initial consultation, where you can learn more about the role that bankruptcy can play in protecting you from creditors.

Vladimir von Timroth has two offices in the Boston, MA and Worcester, MA areas:

405 Grove Street, Suite 204
Worcester, MA 01605

251 Harvard Street
Suite 4, Brookline, MA 02446