Debt can easily become problematic, especially when an unexpected event occurs, such as the loss of a job. When people finds themselves having difficulty making ends meet each month and only paying their minimums or nothing at all, it may be time to consider their legal options. It is especially important homeowners are proactive when they realize they are unable to pay their mortgage so they do not lose their home. Those who are in danger of losing their home can benefit from chapter 13 bankruptcy in Lithonia, GA.

Chapter 13 is preferable when a person has mostly secured debts and would like to attempt to pay most or all of them off so they do not lose their property. This type of bankruptcy offers a court-protected payment plan that allows debtors to be given a specific time period to pay off the debts they owe, along with keeping their payments current. Most individuals who file for chapter 13 are given three to five years, depending on the amount of debt owed and how much income they have coming in.

Under a chapter 13 plan, some debts must be paid in full while others may be discharged. If a discharge is granted on a debt, the debtor no longer owes the debt and the creditor can no longer pursue the debtor. All collection activity must cease and desist during the period of the bankruptcy so a person is not in danger of losing their home or other property while they are under the chapter 13 plan.

Once the plan has been approved by the bankruptcy court, a person must begin making their payments within thirty days and stick to the schedule that was submitted. Failure to do so could cause the bankruptcy to be converted to chapter 7 or amended by the judge.

If you are interested in learning more about filing for chapter 13 bankruptcy in Lithonia, GA, visit Call today so you can schedule your free consultation appointment and get started on the process. They will help you through the process so you can be sure you can be free from your mounting debt.

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