Chapter 13 Bankruptcy Attorney Helping Clients Get A Fresh Financial Start
Individuals who are considering bankruptcy typically choose to file for either Chapter 7 or Chapter 13. If you are considering bankruptcy, it’s important to understand each of these options so you can decide which one is right for you. Contact our skilled Chapter 13 bankruptcy attorney to discuss your case and determine what steps you should take next.
Chapter 13 Bankruptcy Definition
Chapter 13 is commonly referred to as the “wage earner’s” bankruptcy. This is because if you file for Chapter 13 bankruptcy, you are required to create a repayment plan that outlines how you will make monthly payments to your creditors. Because of this, Chapter 13 is not a good option for people who do not have a steady source of income. If you want to learn about Chapter 7 bankruptcy, and the differences between these, head over to our blog post here.
The repayment plan must be approved by your creditors and the court before it goes into effect. Once it is approved, you will be required to comply with its terms until its completion.
After completing the repayment plan, most of your remaining debts will be discharged. This means you won’t have to pay most of your debts in full, but you will have to make consistent monthly payments over the course of three to five years.
Who Qualifies For Chapter 13 Bankruptcy?
There are certain requirements that you must meet in order to qualify for Chapter 13 bankruptcy. Some of these eligibility requirements include:
- Your debt cannot exceed a certain limit. This debt limit is adjusted on an annual basis, so it’s best to talk to our attorneys to find out the current maximum.
- You must be able to prove that you have a steady source of income. If you don’t, it won’t be possible for you to comply with the terms of your repayment plan.
- You must have enough disposable income to cover monthly payments to your creditors.
- You must be an individual. The law does not allow businesses to file for Chapter 13 bankruptcy.
If you meet these requirements, you may qualify for Chapter 13 bankruptcy. But that doesn’t necessarily mean that Chapter 13 is the right option for you. Find out whether it’s in your best interest to file for Chapter 13 bankruptcy by contacting our law firm today.
Set Up A Free Strategy Session With Our Chapter 13 Bankruptcy Lawyers
Are you considering filing for bankruptcy? Talk to us today to find out if Chapter 13 bankruptcy is the right solution for you. If it is, we will guide you through the entire process of filing for bankruptcy, creating your repayment plan, and getting your debts discharged. If it’s not, we will help you explore other options that will help you meet your financial goals. We are committed to helping you get the fresh financial start that you deserve.
Take the first step toward securing your financial future by contacting Benner Law regarding your case today. Don’t file for bankruptcy without reviewing your options with us first. To schedule a free strategy session, call 774-404-8321 or fill out the form on this website.
