Stopping Foreclosure With A Chapter 13 Bankruptcy Attorney in Maryland HeightsComments Off on Stopping Foreclosure With A Chapter 13 Bankruptcy Attorney in Maryland Heights
Are you a homeowner facing a potential foreclosure? Filing for bankruptcy is a stressful experience, but with the right help, it doesn’t have to be. The team at Teague & Associates, LLC is ready to help you whenever you need a chapter 13 bankruptcy attorney in Maryland Heights.
A chapter 13 bankruptcy filing can offer a variety of benefits, as it is designed to help debtors repay their dues over several years, usually between three and five depending on earned income. Sticking to your payment plan can also cure delinquent mortgage payments over time. Chapter 13 filings only show up on your credit report for seven years, as opposed to a chapter 7 filing, which lasts for ten years in your credit history. You can also be given more leeway to make up for missed payments with a chapter 13 filing.
Under a chapter 13 bankruptcy, you can reschedule secured debts, except for a mortgage for your primary place of residence, and extend them throughout your plan. This process gives you up to five years and potentially lower payments so you can hit your debt clearing goals without being overwhelmed. Chapter 13 also features a provision that can protect co-signers who are liable with the debtor on what are considered “consumer debts.” Overall, the chapter 13 plan keeps things simple: you make plans to a trustee, who then distributes those payments to creditors on your behalf.
When you need reliable assistance with your bankruptcy filing, the professionals at Teague & Associates, LLC are just a phone call away from putting you in touch with a chapter 13 bankruptcy attorney in Maryland Heights. For more information about chapter 13 bankruptcy and how it can help you put a stop to foreclosure proceedings, give us a call at (314) 899-4499 today.