Levittown Bankruptcy Lawyer
Levittown Bankruptcy Lawyer: Chapter 13
The legal process of Chapter 13 bankruptcy allows individuals to catch up on delinquent mortgages, tax debt and even domestic support obligations and to repay only necessary debts over a designated period of time and in a certain order of priority. First priority debts include taxes, child support, alimony and employee wages; second priority debts are unsecured credit cards, medical bills and utility bills. Chapter 13 is used to pay off creditors, while retaining valuable assets, like your home or car. Chapter 13 is available to those who have a steady income, which can be used to pay debts with a set monthly payment over the course of 3 to 5 years. The length of the repayment plan depends on the unique circumstances of each case, such as income in relation to the median income of the state/county of your residence and debt amount. Chapter 13 bankruptcy is a good debt relief solution for consumers with significant mortgage, IRS Tax and Domestic Support debt in Levittown, PA. Read more on Chapter 13 Bankruptcy.