Thompson Law Group, P.C.

Is a Chapter 13 what you need?

Financial difficulties come in many different forms and can strike people in any number of ways. You may be doing fine, making payments on your home and vehicles. But if you are injured in an accident outside of work, things could spiral out of control quickly. You could be left unable to work and not covered by workers' compensation. You would then be forced to deal with potentially large out-of-pocket medical expenses and with no source of income, leaving you in a double bind.

Or perhaps you have recently divorced and had to move into a new residence. You may quickly find that the household income you had when you were married is now not sufficient to meet all of your new individual expenses and those of your children. You may struggle for a time, shuffling money around in an attempt to deal with this crush of new bills, but absent a lottery win, it can rapidly overwhelm your finances.

Whatever the cause, you may find yourself contemplating filing a bankruptcy. For many in these situations, a Chapter 13 may be ideal. It can allow you to pay your secured debts, such as a mortgage or vehicle loan, while eliminating many unsecured debts, like those from credit cards or medical providers.

A Chapter 13 is especially helpful if you have fallen behind on your mortgage, as the arrears can be paid through the plan over a five-year period. This can often help a seemingly hopeless situation become viable, as you can avoid a potential foreclosure or the demands from a lender that you immediately "catch up" all of your arrears.

The elimination of many of your unsecured debts can also make covering your other necessary expenses and secured debts more realistic. With many Chapter 13 plans lasting five years, you have the time to restructure your debts and recover your financial health.

No Comments

Leave a comment
Comment Information

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response

Warrendale Office
Main Office
125 Warrendale-Bayne Road
Suite 200
Warrendale, PA 15086

Phone: 724-799-8404
Warrendale Law Office Map

Greensburg Office
101 North Main Street, Suite 104-A
Greenburg, PA 15601

Phone: 724-832-3500
Map & Directions

Canonsburg Office
Satellite Office
2400 Ansys Drive
Canonsburg, PA 15317

Phone: 724-799-8404
Map & Directions

Pittsburgh Office
Downtown Pittsburgh
500 Grant Street, Suite 2900
Pittsburgh, PA 15219

Phone: 412-823-8080
Map & Directions

Monroeville/Wilkins Township Office
Satellite Office
Building 1, 201 Penn Center Blvd., Suite 400
Pittsburgh, PA 15235

Phone: 412-823-8080
Map & Directions

Erie Office
1001 State Street
Suite 1400
Erie, PA 16501

Phone: 814-451-1125
Map & Directions