Chapter 13 Bankruptcy Reorganization - Find an Omaha, Lincoln & Grand Island Nebraska Bankruptcy Lawyer
Chapter 13 Bankruptcy Nebraska
Chapter 13 bankruptcy is a “reorganization” bankruptcy that allows for the repayment of debts by establishing a repayment plan that allows the debtor relief from creditor harassment while reorganizing and paying back a percentage of debts with monthly payments for 3 to 5 years. Payments are made to a Chapter 13 Trustee, who receives the payments, divides them up and pays the creditors on the debtor’s behalf. Payments are primarily based on what the debtor can afford to pay.
Filing a Chapter 13 bankruptcy will stop a foreclosure sale and allow the debtor to stay in the home, provided that they resume their mortgage payments and make their Chapter 13 Plan payments to the Trustee. The debtor pays the mortgage arrears (back payments) through the Chapter 13 Plan. A debtor receives a discharge of their debts once their repayment plan is completed.
Also, if your car has been repossessed but not yet sold, you may be able to get it back if you file a Chapter 13 within 10 days of the repossession.
Call one of the attorneys at McGuire & Hepperlen for a free consultation to determine if Chapter 13 is right for you.
920 South 107th Ave
Omaha, NE 68114
1028 G Street
Lincoln, NE 68508
2121 North Webb RD. Suite 303
Grand Island, NE 68803
Phone: (402) 965-0775
Fax: (402) 939-0430