Are you juggling more debt than you can handle? A Chapter 13 bankruptcy attorney can help you comprehend the Chapter 13 bankruptcy laws, explaining the best options available to you and your family. Filing Chapter 13 bankruptcy can save you years of financial difficulties if you choose a skilled Chapter 13 bankruptcy attorney who will evaluate your situation and suggest an appropriate course of action. If you need Chapter 13 bankruptcy information, we offer customized information and assistance and are committed to serving the interests of our clients.
Chapter 13 is a section of the United States Bankruptcy Code titled “adjustment of debts of an individual with regular income” which helps individuals or small business owners who want to repay creditors but are unable due to financial problems. Chapter 13 is not available to corporations, LLCs, or other legal entities. Chapter 13 bankruptcy is usually well-suited for individuals or households that have homes, cars, businesses, or whose income is too high to qualify for Chapter 7.
When filing Chapter 13, the debtor makes monthly payments to a bankruptcy trustee. The trustee disburses these payments based on a plan outlined by the courts. Typically, the plan instructs the Chapter 13 trustee to pay off loans, back due taxes, domestic support obligations, or home loan payments. The funds can also be used to pay off some or all of the debtor’s credit card debt. Chapter 13 bankruptcy laws will give you the opportunity to pay off your debt within 3 to 5 years.
Contact our Chapter 13 bankruptcy attorney if you want assistance with filing for Chapter 13 bankruptcy or to see if Chapter 13 bankruptcy is the appropriate option for you.