If our firm cannot negotiate settlements with your creditors to avoid bankruptcy altogether (which we often do) and Chapter 7 isn’t the right fit for your circumstances, a Chapter 13 might be the answer. Chapter 13 is a powerful tool to restructure debts to both secured and unsecured creditors. Chapter 13 provides an opportunity to redirect your income towards preserving the assets that matter most - your home and your car.
In most cases, a Chapter 13 Plan will redirect payments away from unsecured creditors (e.g. credit cards and high-interest personal loans) in favor of mortgage payments and car payments. The driving force behind a Chapter 13 is enabling you to get back on your feet after a difficult time like the loss of employment or serious health issues which prevented you from paying your regular bills on time. A Chapter 13 Plan is tailored to bring your current income and expenses in line to pay your debts over time without worrying about creditor harassment or spiking interest rates.
Chapter 13 is also helpful in spreading out repayments on past-due child support payments and many tax liabilities. It is not unusual for Chapter 13 to reduce your overall monthly payments and at the same time provide a comprehensive fix to a wide range of financial worries.
Reach out to The Law Offices Of Daniel C. Jenkins, LLC in Savannah, GA today to learn more about the terms of filing for Chapter 13 bankruptcy.
After you’ve spoken with a Chapter 13 bankruptcy attorney and determined that you can reorganize your debt you’ll need to know how filing for bankruptcy works. Turn to The Law Offices Of Daniel C. Jenkins, LLC for legal guidance. Attorney Jenkins will:
- Review all of your financial information
- Confirm what additional paperwork is needed
- Explain the timelines and all of the requirements before the case is filed
- Discuss the impact a bankruptcy has on your credit score and when you can expect to have good credit again
- Formulate a proposed repayment plan that works for your budget
- File the bankruptcy petition, schedules, and all necessary pleadings
- Appear on your behalf at all hearings
- Respond to motions and objections filed by the Chapter 13 Trustee and your creditors
- Update you on important deadlines
- Remind you of hearing dates and deadlines
- Advise you as to the availability of property exemptions under state and federal law
- Negotiate with creditors and the trustee in furtherance of a confirmable plan
- Review claims filed by your creditors and object if those creditors have filed a claim in excess of what they are owed
- Answer any questions you might have before, during, and after your case comes to a successful close
After your case is filed and confirmed by the bankruptcy court, you move forward with confidence that when your case is complete you will emerge from Chapter 13 with the "fresh start" federal law provides. Get started today by scheduling an appointment.
If you have additional questions about Chapter 13 Bankruptcy, check out our Frequently Asked Questions by clicking HERE.