If you own your own business in the Maine fishing industry or are a family farmer, and you have been struck by tough economic times, a Chapter 12 bankruptcy filing offers advantages you won’t find with Chapter 13 reorganization. For example, you can modify or rewrite your home mortgage when seeking protection under Chapter 12.
This is the only chapter of the Bankruptcy Code that allows you to modify the terms of your home mortgage. You can reduce the interest rate, stretch out the length of the loan, and reduce the balance owed to the fair market value of the real estate. If you believe that you qualify, or have questions about your eligibility or other benefits, talk to an experienced bankruptcy attorney.
At the law office of Perry O’Brian, we specialize in bankruptcy law. We have provided comprehensive counsel to individuals and business owners for more than 36 years. We are well-versed in the laws and rules governing bankruptcy filings and pay close attention to all trends and developments in the law.
When you hire us to handle your bankruptcy filing, we strive to make the process as simple as possible to minimize your stress and anxiety. We promptly respond to all calls and e-mails. We seek to complete your bankruptcy as quickly and cost-effectively as possible.
A Chapter 12 bankruptcy petition allows you to restructure your debt, but with more generous terms than those under other bankruptcy filings. You can propose a plan that rewrites the terms of your home loan and other secured debts by changing the interest rate, extending the length of the loan, and reducing the balance to the fair market value of the property. You are not limited to the five-year period with Chapter 13.
We handle all matters related to a Chapter 12 bankruptcy filing, preparing and submitting all the necessary paperwork, and acting as your liaison with creditors, the court, and the bankruptcy trustee. We carefully review your situation to determine whether you qualify to file under Chapter 12 and work directly with you to develop an affordable Chapter 12 plan.