Helping You Take Control of Your Financial Future
Dealing with overwhelming, debilitating debt can be extremely stressful for you and your entire family. Pair that with constant creditor harassment and the stress of your financial situation can be unbearable. If you are interested in exploring the option of filing for Chapter 13 bankruptcy, the reorganization chapter, the The Law Office of Timothy Brown would like to help. Chapter 13 allows individuals with sufficient income to restructure debt into affordable payments. Contact us online or call 815-788-9511 for a free review with a Chapter 13 bankruptcy lawyer.
Contact us online or call 815-788-9511 for a free review with a Chapter 13 bankruptcy lawyer.
Chapter 13 Bankruptcy Benefits
This option allows the individual to:
- Immediately stop collection action, such as garnishments, lawsuits, and repossessions
- repay the debt through a court-approved payment plan over a fixed period of time
- catch-up on missed mortgage or car loan payments
- pay back old tax debt
- discharge unsecured debt, in some cases
Related: Repaying mortgage arrears and car loan arrears through the plan
How the Process Works
In order to obtain relief in a Chapter 13 case, the individual follows these steps:
- The individual provides certain financial information and records that are used to prepare the Bankruptcy Petition and Schedules
- The individual completes an online credit counseling class
- The individual files a Voluntary Bankruptcy Petition with the U.S. Bankruptcy Court that contains all relevant financial information
- The individual files a proposed debt repayment plan with the court
- The creditors are provided with notification of the Bankruptcy case
- The individual attends a brief hearing to verify his of her financial information and answer questions under oath
- The bankruptcy trustee or any creditor can file an objection to the proposed plan
- The individual (or the attorney) must then resolve any such objection
- If any objection cannot be resolved by the parties, the court will hold a hearing to rule on the objection
- If no objection remains pending on the scheduled confirmation hearing date, the court will normally approve the proposed plan
Regular Income is Required
The debtor must have sufficient regular income to fund the Chapter 13 plan.
The following types of income may be accepted for a Chapter 13 repayment plan:
- salary or wages from a job
- income from operation of a business
- spousal support
- child support
- unemployment benefits
- workers' compensation
- social security benefits
- disability benefits
Get a Free Review with a Chapter 13 Bankruptcy Lawyer
At The Law Office of Timothy Brown, we have more than 10 years of experience in the field of bankruptcy law. We have helped families, individuals and businesses eliminate excruciating debt through the bankruptcy process. We are here to work closely with you to determine if Chapter 13 bankruptcy is the right solution for you and if so, to guide you through the process.
Call 815-788-9511 to speak with a Chapter 13 Bankruptcy Attorney.