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Chapter 13 Bankruptcy Lawyer

Chapter 13 is a repayment plan that provides the opportunity to repay a portion or percentage of qualifying debt overtime. It also offers the option to force the repayment of mortgage arrears, stop a pending foreclosure, and retain your residence. The statutory duration of a repayment plan is a minimum of three (3) years and a maximum of five (5) years. After the final payment has been made, the eligible petitioner is afforded a discharge of remaining, qualifying debts.

When Chapter 7 may not be the best option, there are many positive attributes to Chapter 13 including the potential ability to remove, and discharge, a second/ junior mortgage on real estate; the ability to repay certain debt over time without the enormous accrual of interest or late fees; the ability to structure a repayment of mortgage arrears, car loans, and tax liability; and the access to a bankruptcy discharge.
Chapter 13 -  Bankruptcy Law in Lone Tree CO
Chapter 13 is fairly difficult. Many attorneys offer representation in Chapter 13, but many of those who offer the service are not qualified and the results are often times worse than the situation the client was facing when considering bankruptcy.

The process utilized to obtain Court approval of a proposed repayment plan is referred to as the confirmation process. In addition to the required Meeting of Creditors, similar to the required Meeting in a Chapter 7, Chapter 13 often entails negotiations with the Trustee and with creditors to resolve legal based Objections to Confirmation. If resolution cannot be found, a hearing will occur with a Bankruptcy Judge - sometimes the hearing requires testimony from the petitioning debtor.

While the process can seem intimidating, Norton Law, P.C. can provide guidance and representation that will make things clear and as smooth as possible.