Chapter 13 Bankruptcy can help individuals with regular income come up with a plan to repay all or part of their debts. A Chapter 13 Bankruptcy is often referred to a “Reorganization” or repayment of debts. A Debtor’s creditors are repaid (anywhere from 1% to 100%, depending on the Debtor’s financial situation) over a 3 to 5 year period, known as a “plan”. We will work with you to come up with a plan/ budget that is afford for you and acceptable to the court.
The reasons why you would file for Chapter 13 Bankruptcy instead of Chapter 7 Bankruptcy might be: (1) you make too much money to file Chapter 7 Bankruptcy; (2) you have non-exempt assets at risk of liquidation in 7; and/ or (3) you are behind on payments on a secured asset that you wants to retain, such as a mortgage or car payment. If you are facing foreclosure or repossession, Chapter 13 can help you catch up the payments and retain your assets.
If you have questions about whether Chapter 13 Bankruptcy is the right option for you, give us a call. We are certified specialists in Bankruptcy Law and focus our practice on assisting individuals and businesses that need debt relief, including Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, debt settlements, reorganizations and workouts and other options. We will work with you to develop and implement your individualized plan for debt resolution. We are passionate about creating innovative effective legal solutions to resolve the financial problems of our clients. We call this “Giving You Peace of Mind.”
You will have a free initial consultation where we will review your history, your financial situation and your options.
If you choose to move forward with a bankruptcy filing, you can anticipate a certain procedure in a Chapter 13 case, which is set forth as follows:
1. You pay the retainer and costs that will be fully explained to you. Your attorney will then meet with you to pull your credit and review the paperwork required for filing Bankruptcy.
2. Our office will prepare your bankruptcy paperwork (known as schedules). The bankruptcy schedules are detailed listings of your assets, liabilities, budget and financial affairs. We will work with you to make sure that the schedules are complete and accurate so your case goes as smoothly as possible.
3. Your attorney will prepare a Plan on how to deal with your creditors. The proposed plan of reorganization is usually anywhere from 3 to 5 years.Your attorney will meet with you to thoroughly review and sign the schedules and plan and file your case with the Court.
4. Shortly after the schedules have been filed with the Court, you will receive the time and date of your Meeting of Creditors (known as the MOC). You and your attorney will meet to thoroughly prepare you for the MOC. We will discuss where to go, when to be there, what to wear, what to bring and what will be asked of you. Your attorney will be with you at the MOC.
5. Once you have completed your plan payments, you should receive a discharge.
6. After you are granted a discharge, your attorney will meet with you for an Exit Conference where we will review where you have been, where you are and where you plan to go from a financial standpoint. Our goal is to make sure you stay out of debt, learn to live on a budget and have a vision for a successful financial future.
Your attorney is with you every step of the process; and we will give you tools to help you achieve a successful financial future. We call this giving you “Peace of Mind”.
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