Also known as the "Wage Earner Bankruptcy." Individuals with a regular source of income can put together a payment plan in exchange for keeping all of their property.
With numerous companies offering debt consolidation services, it is crucial to remember that Chapter 13 bankruptcy remains the only true method of debt consolidation and elimination. Filing for Chapter 13 not only affords you breathing room in the repayment of debts, but you also gain several governmental protections such as the automatic stay.
In Chapter 13 bankruptcy, you will create an affordable payment plan to help you get back on track. Chapter 13 repayment plans generally last three to five years. The minimum amount you will have to repay depends on how much you earn, how much you owe, and how much your unsecured creditors would have received if you would have filed a Chapter 7 bankruptcy. At the end of that time, any unpaid, unsecured debt may be discharged.
There are various restrictions and limits associated with filing Chapter 13 bankruptcy. It is essential to discuss your specific situation with an experienced bankruptcy attorney.
There are numerous benefits to filing Chapter 13 bankruptcy, including:
An experienced bankruptcy lawyer can provide information tailored to your unique financial needs and let you know if you qualify for Chapter 13.
The team at Ribstein & Hogan Law Firm has been providing bankruptcy services for over 25 years and can guide you through the process. For your convenience, we are here to answer your questions and handle your case filing virtually – you will not have to leave the comfort of your home. To find out more and receive a free, no-obligation case evaluation with one of our experienced bankruptcy lawyers call (605) 692-1818 or fill out our contact form below.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.