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Your options if you cannot meet your Chapter 13 repayments

If you find yourself consistently struggling to meet your many expenses, them it may be time for you to seriously consider your debt relief options. In certain cases, seeking bankruptcy protection may be the most favorable solution. A Chapter 13 bankruptcy, for example, has helped many of the past clients that we here at The Law Office of Paul Petrillo have worked with in Nashua re-establish themselves on a firm financial footing. However, you should be aware that many of your financial obligations remain when seeking this particular form of debt relief.

According to website for the United States Courts, the main advantages of filing for a Chapter 13 bankruptcy are:

  •          To save your home from foreclosure.
  •          To lower your monthly expense payments.
  •          To cease your direct dealings with hostile creditors.
  •          To protect your loan co-signers from liability.

However, the success of your Chapter 13 bankruptcy depends on your ability to adhere to your repayment plan. Miss any payments, and you could potentially see your case be dismissed. Yet everyone may experience financial hardships every now and then. If this happens to you, there are options that may allow you to save your bankruptcy case.

The first thing to do is to contact the court to explain your current situation. Most will offer you the chance to repay any arrears once your money troubles are over. If your struggles look to be long-term, you may propose a new payment amount for the court to consider. If you have lost your job or seen your income drastically reduced, you can also ask the court for a hardship discharge. If these efforts fail, then you may need to consider converting your case a Chapter 7 bankruptcy.

You can learn more about seeking debt relief through bankruptcy by continuing to explore our site. 

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Law Office of Paul Petrillo
One Tara Boulevard
Suite 200
Nashua, NH 03062

Phone: 603-635-4149
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