HomeChapter 13 Bankruptcy Lawyer
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy allows you to reorganize your debt. With the assistance of your attorney, you will develop a plan that will be submitted to court. In the plan, you will be permitted to reduce the amount that you owe, restructure certain contracts, protect your home from foreclosure in addition to many other forms of relief. In most cases your assets such as your home and car are protected. Under a Chapter 13 plan you will pay back a portion of your debt monthly over a period of 3 to 5 years. The amount that you will have to repay depends on how much disposable income you have left after you have paid your essential bills like food, utilities, rent/mortgage and certain things not included in your plan. An experienced bankruptcy attorney can help you determine how much you will need to repay during a free consultation.
Why Should I consider a Chapter 13?
There are several advantages to Chapter 13 bankruptcy over Chapter 7 in certain circumstances. A Chapter 7 primarily deals with unsecured debt like medical bills and credit cards but it doesn’t offer much help for people who are mostly concerned with mortgages and car loans and want to be able to hold on to their home or car. If you are behind on your mortgage, have a second mortgage or you’re upside down in you car, a Chapter 13 may offer you the relief you need. Under a Chapter 13 plan, you can repay mortgage arrears, strip of your second mortgage and push down the amount that you owe on your car to its current fair market value.
Do I qualify for Chapter 13?
Generally to qualify for a Chapter 13 you need a steady source of income and be able to demonstrate that you have a sufficient of disposable income to repay a portion of your debt. Your unsecured debts must not exceed $336,900 and your secured debts must not exceed $1,010,650.00. Your bankruptcy attorney will explain all of the factors that must be taken into consideration before filing for bankruptcy.
Steps for filing a Chapter 13
- Certain people may be able to prepare and file a Chapter 7 on their own but a Chapter 13 is far too complicated for untrained people to manage without the help of a bankruptcy attorney. So step one, schedule a free consultation by calling 1-855-LOMG-911. When you call, your attorney will give you a list of what you need to bring your first appointment.
- Step two, gather all of your bills, mortgage statements, paycheck stubs and other information that your bankruptcy attorney instruct you to bring.
- Step three, go to you initial in-person consultation with your bankruptcy lawyer. At the appointment, your bankruptcy attorney will examine your debts and income to determine the best approach to your situation. Bankruptcy is not always the best alternative but if it is, your attorney will explain the remaining process to you and answer all of your questions.
“The most important thing is that you do not allow your financial circumstances to ruin your life. There are alternatives for every financial situation no matter how bad they may seem. Don’t lose sleep over your finances for another night. There is help. Call now 1-855-LOMG-911.”
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