A Chapter 13 Bankruptcy Lawyer
Whereas a Chapter 7 bankruptcy is designed to eliminate unsecured debts, a Chapter 13 bankruptcy is designed to allow people with debt problems the opportunity to protect their assets while reorganizing their debts in a three to five year repayment plan.
A Chapter 13 bankruptcy may allow you to:
- Stop a home foreclosure
- Have additional time to pay your debts
- Avoid additional late penalties
- Decrease the interest paid on debts
How Does a Chapter 13 work?
In a Chapter 13 bankruptcy, you will have to make monthly payments of your future income to the Chapter 13 trustee, who then distributes the money to your creditors who have filed claims against you. You will receive a discharge after all payments under the plan have been made.
How Much Will My Monthly Payments Be?
The amount of your payments is determined by your income, your monthly living expenses and your amount of debt.
Can I Keep My Home and Car?
Yes. One of the main reasons for filing a Chapter 13 bankruptcy is to keep your home. If you are behind on your mortgage payments or your car payments, we can use the plan to cure any defaults, so that you will not get further behind.
If you retain me as your bankruptcy attorney for a Chapter 13 bankruptcy, I will look at your debt/income situation and submit a debt repayment plan on your behalf to a bankruptcy court.
If you need to speak with a bankruptcy lawyer, contact me, attorney Alisha Triplett. To schedule a free consultation at my law office in Louisville, Kentucky, call 502-410-3851. For toll-free assistance, call 866-787-0243.
Restoring Credit After Bankruptcy
Many people are afraid to file for bankruptcy because they are concerned about how it will affect their credit rating. While filing for bankruptcy can decrease your credit rating in the short run, continuing to pay your bills late due to an unmanageable debt load can make matters worse. For some people, filing bankruptcy now and paying bills in a timely fashion thereafter can actually enable them to improve their credit rating in a shorter period of time.
Chapter 13 Versus Chapter 7 Bankruptcy
At your free consultation, we will discuss the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy and which is the better solution for you. If you have significant assets or income, you may not be eligible for Chapter 7 relief. However, many people who think they are not eligible are pleasantly surprised that they do meet the requirements for Chapter 7 relief. The majority of people who are not eligible for Chapter 7 relief are eligible for Chapter 13 relief.
Contact My Law Office to Learn More
To ask a question or schedule a free consultation with an experienced bankruptcy attorney, contact my law office in Louisville, Kentucky.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
