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A Debt Payment Plan for Individuals

Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in a number of ways. The most important difference is that in a Chapter 13 bankruptcy, you are obliged to repay a portion of your unsecured debts. Generally, Chapter 13 is also a better way to prevent foreclosure on your home and the seizure of your other assets.

I am Neil Warrenbrand, a bankruptcy attorney with offices in Boston, Beverly, Burlington, Cambridge, Marlborough, Wakefield and Waltham who helps individuals file Chapter 13 and other forms of bankruptcy in Massachusetts. I offer a free initial consultation to discuss your financial situation and determine if filing Chapter 13 bankruptcy is the best option for you.

What Is a Chapter 13 Plan?

When you file Chapter 13 bankruptcy, you submit a plan to repay your debts over a three to five-year period. Regularly scheduled payments on secured debts (those secured by property such as your home or car) must be paid during the Chapter 13 case. You even have the opportunity to cure arrearages or catch up on your late payments on your secured debts over the life of your Chapter 13 case. However, unsecured debts such as credit card bills, hospital bills and, in some cases, unsecured second or third mortgages may be paid back at pennies on the dollar.

The bankruptcy laws determine how much you will pay based on your income and expenses. At the end of the three to five-year period, generally, all remaining unsecured debts will be discharged.

Chapter 13 bankruptcy is an option when you cannot pass the financial means test necessary to file for Chapter 7 bankruptcy, or when you have significant assets you would lose by filing Chapter 7 bankruptcy. Additionally, individuals filing for Chapter 13 must complete credit counseling prior to filing, as well as a financial management course after the filing.

Protecting Homeowners

Chapter 13 is a form of bankruptcy protection often used by homeowners who are significantly behind in their mortgage payments. Learn more about stopping a home foreclosure.

Free Consultation With a Bankruptcy Attorney

To discuss Chapter 13 bankruptcy with an experienced and compassionate bankruptcy lawyer, call 617-720-2286 or fill out the contact form on this Web site to schedule your free initial consultation. My Boston office is conveniently located downtown and accessible by all T lines; I also have meeting locations throughout the Metro West and North Shore areas.

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