Financial trouble can be overwhelming, but Brand and Associates, PLLC is here to support you and help you through it. Based in Phoenix, Scottsdale and Prescott, AZ, we often work with clients who are filing for Chapter 13 bankruptcy.
Chapter 13 bankruptcy is a longer process than a Chapter 7. It may permit you to discharge tax debt otherwise non-dischargeable over a five year period - avoiding interest and penalties. A Chapter 13 permits you to retain important non exempt assets while paying into a plan for three to five years from your disposable income. It may also permit you to cure a delinquency in payments upon your residential mortgage and avoid foreclosure. Although there may be reasons for a debtor to elect to file a Chapter 13, in many cases, they will have no choice and must file one based on "The Means Test" and their gross income.
Partnering with a bankruptcy lawyer will give you a sense of direction as you navigate this process. Contact us today to set up your free consultation.