Filing Chapter 13 bankruptcy can help you in the following ways:


Stopping collection attempts and creditor harassment

Stopping foreclosure, allowing you to stay in your home

Stopping or avoiding wage garnishments

Eliminating second mortgages and home equity loans

Chapter 13


Most people can survive a short lapse in income, but very few can handle an extended shortage. Unfortunately, many people experience temporary gaps in income due to a medical problem, an on-the-job injury, a divorce or the loss of overtime pay. By the time the income is restored, they can't get caught up with increased fees, higher interest rates and back payments.

Chapter 13 bankruptcy is a good strategy for people who have the ability to pay back their debt and who can do so, given time. At Shaked & Posner, our lawyers have nearly 40 years of combined experience guiding clients through the bankruptcy process, getting debt relief and getting back on solid financial footing. When you come to us, you will be treated with respect and dignity, and we will do our best to help you move forward in life.

How Much of My Debts Do I Have to Pay Back?

In a Chapter 13 payment plan, we will propose a plan to pay back a percentage of your debt over a period ranging from three to five years. At the end of that period, any remaining debts will be discharged.

Secured debts such as home mortgages and car loans must be fully paid. For unsecured debts such as credit card and hospital bills, you may pay as little as 10 cents on the dollar. The exact percentage will depend on your disposable income and the value of your assets. In some situations, it may be possible to convert your Chapter 13 payment plan to Chapter 7 bankruptcy for immediate debt relief.

Finding Room to Breathe
Filing for Chapter 13 bankruptcy can give you time to get your finances in order by paying your debt back in manageable monthly payments over a three- to five-year period. Some of the biggest benefits of Chapter 13 are:

Stopping collection attempts and creditor harassment
Stopping foreclosure, allowing you to stay in your home
Stopping or avoiding wage garnishments
Eliminating second mortgages and home equity loans
Reducing the amount of unsecured debt you owe
Reducing your interest rates on credit cards, unsecured debt and mortgages
Improving your credit through debt reduction and sticking to the payment plan
Stopping car repossession


Chapter 13 is much better than debt consolidation programs. The bankruptcy court will force creditors to accept your terms and bar them from demanding full payment at any time during the bankruptcy. You will have peace of mind knowing that all you have to do is focus on making reasonable monthly payments with protection from the court.

Contact us today for an initial free consultation!