Put The Law On Your Side
Filing Chapter 13 Can Solve Your Problems
Financial issues can make you feel like your life is out of control. Debts you cannot pay pile up, and you might feel helpless. It is important to know that bankruptcy may be an excellent option to solve your problems.
At Aiello and Associates, we have helped countless clients figure out what’s best for their situation. We serve our community of Warren, as well as the surrounding area.
Pros And Cons Of Chapter 13
Every type of bankruptcy is different and appropriate for different circumstances. Under Chapter 13 bankruptcy:
- Only individuals may file
- Filing parties cannot have more than a certain amount of debt
- Individuals are allowed to keep all property under certain circumstances
Chapter 13 bankruptcy is a slower process than other types of bankruptcy. It can take up to three to five years to be fully complete because it is what is known as a “reorganization” bankruptcy. Individuals reorganize their debt and pay it off in installments. This can make it more flexible because individuals can keep more property but it does take longer, and you are not simply wiping the slate clean in a few months.
At Aiello and Associates, we take the time to sit down with every client and explain the pros and cons of each type of bankruptcy. We get to know you and your goals, taking them into account when we give our advice. You can trust that we are looking out for you as an individual, not offering a cookie-cutter solution to your financial issues.
Reach Out To Learn More
All forms of bankruptcy have pros and cons. You should not decide which type is right for you without talking to an experienced bankruptcy attorney. Please contact us at our Warren office today by calling 586-250-5527 or sending us a note through our contact form.