Welcome to The Trusted Source for Chapter 13 Bankruptcy Solutions
At our firm, we understand the immense stress and financial burden that debt can bring. The mission is to provide comprehensive legal services to help you regain control of your financial future. Specializing in Chapter 13 bankruptcy, bankruptcy attorneys are committed to offering tailored strategies that meet your needs.
Chapter 13 Bankruptcy: A Path to Financial Reorganization
What is Chapter 13 Bankruptcy? Chapter 13 bankruptcy allows individuals with a regular income to create a repayment plan to pay off all or part of their debts over three to five years. This type of bankruptcy is designed to help you manage debt while keeping assets, such as a home and a car.
Eligibility for Chapter 13 Bankruptcy To qualify for Chapter 13 bankruptcy, you must have a regular income, and your unsecured debts must be less than $419,275 and secured debts less than $1,257,850 (these amounts are periodically adjusted for inflation). An experienced attorney will help determine your eligibility and guide you through the necessary steps.
The Chapter 13 Process
- Free Consultation: Start with a free consultation where a bankruptcy attorney will assess the financial situation, explain the options, and determine if Chapter 13 is right for you.
- Filing the Petition: Bankruptcy attorneys will prepare and file a bankruptcy petition with the court, including detailed documentation of the debts, assets, income, and expenses.
- Automatic Stay: Once the petition is filed, an automatic stay goes into effect which halts all collection activities. This means no more harassing phone calls, wage garnishments, or foreclosure actions.
- Creating the Repayment Plan: A bankruptcy attorney will work with you to develop a feasible repayment plan based on income and necessary living expenses. This plan will consolidate the debts into a monthly payment.
- Trustee Review and Confirmation Hearing: A bankruptcy trustee is assigned to the case to review the repayment plan. You will attend a confirmation hearing where the court will approve the plan if it meets all requirements.
- Making Payments: Monthly payments are made to the trustee, who will distribute the funds to the creditors according to the terms of the repayment plan. These payments typically last three to five years.
- Discharge of Debts: Upon successful completion of the repayment plan, any remaining unsecured debts are discharged.
Benefits of Chapter 13 Bankruptcy
- Debt Consolidation: Consolidate multiple debts into one manageable monthly payment.
- Asset Protection: Keep your home, car, and other essential assets while repaying the debts over time.
- Stop Foreclosure: Halt foreclosure proceedings and allow for the repayment of mortgage arrears over the life of the plan.
- Prevent Repossession: Stop the repossession of a vehicle and include car loan payments in the repayment plan.
- Creditor Protection: The automatic stay protects from creditor harassment and collection actions throughout the bankruptcy process.
Why Choose Us?
Expert Legal Guidance With years of experience in bankruptcy and debt relief, bankruptcy attorneys are well-equipped to handle even the most complex financial situations.
Regain your financial freedom with trusted legal support. Contact us today and let us help you take control of your financial future.