13 - Debt Adjustment, or debt consolidation, combines bills and back
payments, reduces the amount owed, stops most interest charges and
extends your time to pay 3 to 5 years. The result is a new affordable
Chapter 13 is not a loan. It is set of
federal statutes that requires creditors take less each month from
you, for a longer period of time. It is available to individuals with:
- regular income from any source;
- unsecured debts not exceeding
- secured debts not exceeding
Keep your home, auto, furniture,
business, cash, all assets you choose under Chapter 13, because debts
and arrears are paid "as if in full" and you receive a
discharge from any unpaid amounts.
We determine your Chapter 13 plan
payment by taking net monthly income less normal living expenses. The
amount left over is paid to a trustee, who in turn pays creditors
If the amount left over cannot repay
creditors in full over 3 to 5 years, we reduce the balance owed to
unsecured creditors and sometimes secured creditors. You pay creditors
0% to 100% of the balance owing depending on: 1) your budget and 2)
the types of debts you have.
We eliminate all interest on unsecured
debt and certain types of secured debt. This reduction of interest,
balance owing, and extended time to pay, makes the payment affordable.
We ensure that you receive the lowest payment plan allowed by law.
Chapter 13 immediately stops foreclosure. Delinquent house payments
are included in the payment plan and brought current over 36 months
along with your normal monthly payment.
You can payoff your Chapter 13 plan or
have it dismissed anytime prior to completion without interest or
penalty. However, if your plan pays creditors less than 100% of the
amount due, you must pay creditors 100% to obtain an early discharge.
7 is for liquidation. It is most commonly used by individuals with
credit card depts. Chapter 7 - Bankruptcy
eliminates debts you do not want. You need not ever pay. When we file
your case, dischargeable debts and claims against you are gone
forever. However, some debts are not dischargeable and non-exempt
assets may be sold to pay creditors. The general rule is: unsecured
debts are dischargeable and secured debts are not.
The Law Offices Roberts & Roberts
provide pre-petition planning to assure the highest protection
available. Over 90% of our clients keep everything and lose nothing.
We achieve this by careful planning and taking special exemptions
allowed by law.