Is Chapter 13 The Best Option For You? Find Out at Total Lawyers!
We know that you really want to pay your bills, but just need a little more time or perhaps you did not qualify for Chapter 7. Filing a Chapter 13 bankruptcy petition just might be your best option.
At Total Lawyers, we have a network of bankruptcy attorneys that can answer your questions and help you file a Chapter 13 petition. Just give us a call at 1 (877) 349-1309 or complete our free bankruptcy evaluation form, and we'll promptly place you in touch with a bankruptcy attorney in your area.
So what are you waiting for?
Total Lawyers is here to assist you!
Chapter 13 Bankruptcy
Do you have a job with a somewhat steady income, yet are still overwhelmed by your debt? If so, seeking Chapter 13 bankruptcy protection may be a wise decision. Chapter 13 bankruptcy can help you attain some financial breathing room by liquidating many of your debts and helping you organize a sensible debt repayment plan.
Typically a Chapter 13 bankruptcy will be better for you than a Chapter 7 bankruptcy if:
- You are behind on payments for your property that you wish to keep after bankruptcy.
- You have tax debts. (Under Chapter 7, many tax debts are not dischargeable. However under the Chapter 13 bankruptcy plan, you have the opportunity to repay them over time.)
- You have nonexempt property that you want to keep. With Chapter 7 you may be forced to give up this property; however Chapter 13 bankruptcy may allow you to keep it.
- You have already received a Chapter 7 bankruptcy in the past eight years. You cannot file Chapter 7 bankruptcy more than once in eight years.
- You want to protect cosigners on your debts.
- You want to consolidate your student loans. Chapter 13 bankruptcy allows you to incorporate them in your repayment plan.
Filing Chapter 13
The Chapter 13 case starts off with the preparation and filing of your bankruptcy petition. You are required to give personal information about yourself, your spouse, your family, all of your income, your property, your expenses and all of your debts.
Soon after your petition is filed, the bankruptcy court clerk will send out a note to your creditors about your case. Next, your case will be assigned to a bankruptcy trustee who reviews your case. An automatic stay order is often issued to prohibit most of your creditors from collecting your debts, repossessing your automobile or other property, or starting any legal actions against you throughout the course of your bankruptcy case.
The centerpiece of your Chapter 13 bankruptcy case is your repayment plan. Your repayment plan is an understanding between you and your creditors. As long as you show your commitment to repaying all of your debts over time, your creditors will agree to forgive some of your debts.
You will make payments each month to your appointed bankruptcy trustee, who then makes payments to your creditors. Usually the plan will last three to five years. As long as you make these payments, the creditors are required by law to abide by the rules of your repayment plan.
Pre-Filing Requirements
Prior to filing your Chapter 13 bankruptcy petition, an approved credit counseling agency must give you a briefing. They will also explain options available to you and help you do a budget analysis. Your bankruptcy attorney will direct you to the appropriate credit counseling agency.
Pre-Discharge Requirements
Prior to receiving your Chapter 13 discharge, you must complete an instructional course about personal financial management. Your bankruptcy lawyer can direct you to an appropriate class.
Ready to Take Charge of Your Financial Future?
If you are ready to make some serious financial changes in your life and take control of your debt, give us a call at 1 (877) 349-1309 or complete our free bankruptcy evaluation form.
Within minutes, you will be connected to a local bankruptcy attorney in your state who can help you prepare a Chapter 13 petition. You owe it to yourself to explore the opportunity to receive a clean slate and a fresh start.
