Price Law Group - Arizona Articles Chapter 13: Debt Consolidation and You

Chapter 13: Debt Consolidation and You

By Price Law Group  Dec. 5, 2012 9:21a

Benefits Of Chapter 13 Debt Relief

According to statistics released by the US Government, more than a million people filed for bankruptcy in 2011. If you, like many of your fellow citizens, have found yourself struggling under the weight of debt, it is imperative that you take action as soon as possible to end your burden! With the help of one of the skilled legal professionals with the Price Law Group, you can begin the process of wiping away your debt and moving on with your life today.

When you first file for bankruptcy under Chapter 13, the court will issue an automatic stay preventing your creditors from calling you or contacting you at all, giving you immediate relief from the stress caused by creditor harassment. You will then be assigned a trustee, who will begin the process of reviewing your finances and debts in order to craft a payment plan according to your needs.

After examining your income and assets, the trustee will combine all of your debt into a single category, allowing you to pay off a portion of your debt in single monthly installments. This plan, usually taking anywhere from three to five years, is designed based on your disposable income to allow you to make payments without sacrificing your livelihood. After the plan is completed, any remaining debt you still owe is discharged by the court, and your creditors are considered legally satisfied.

Is Chapter 13 right for me?

Before deciding on which form of bankruptcy to pursue, you must first understand the various pros and cons associated with each. Chapter 13 is designed primarily to appeal to those with assets or property that they wish to protect from seizure by the courts, and those with a steady income they expect to maintain for at least several years. If these conditions are met, then Chapter 13 is often the best filing for a client to pursue.

Part of the decision is also based on the nature and category of your debts. For instance, tax debts owed to the United States government is generally not dischargeable under Chapter 13. However, filing for Chapter 13 debt relief can 'freeze' your debts, preventing interest or penalties from continuing to pile up. In this manner, it may be beneficial for you to apply for bankruptcy despite the existence of outstanding non-eligible debt.

An Attorney In Your Corner

If you are buckling under the weight of your debt, please do not hesitate to contact the legal team at Price Law Group immediately. Our firm has more than twenty years of experience handling these kinds of cases, giving us the knowledge necessary to help guide you to a better future. If you are facing serious debt and feel you have nowhere to turn, we urge you to visit our website at and discuss your situation with our staff right away.

Other Recent Articles

Debt Liquidation Vs Debt Consolidation

One of the most common decisions our clients must grapple with when attempting to file for bankruptcy is the seeming simple choice of which form of debt relief to file under.
More Articles »

The Means Test: Qualifying For Chapter 7 Bankruptcy

If you, like many Americans, are struggling financially in these difficult times, there is hope on the horizon.
More Articles »

Arizona Legislature Diverts Foreclosure Funding

In a report released by a national economic watchdog group, analysis indicates that many states, including Arizona, have chosen not to honor the agreement made in the National Mortgage Settlement.
More Articles »
(866) 210-1722
1811 South Alama School Rd #205
Mesa, AZ 85210

Office Hours:
Mon.-Fri. 9am-5pm

Main Website:
View Website
Contact our office by email by clicking the button below: