Chapter 13 bankruptcy has helped millions of Americans get out of debt. Chapter 13 allows you to pay back your creditors, and create a payment plan that works for you. Chapter 13 can also allow you to keep your home as missed mortgage payments can be included in your payment plan. You can stop foreclosure and keep your home. Car payments can also be restructured and high interest payments can be eliminated. If this sounds like the right option for you, King & King can help you throughout the entire bankruptcy process.
Benefits Of Chapter 13 Bankruptcy
A few of the advantages of Chapter 13 bankruptcy:
Liens and wage garnishments stop
Stop Car repossession
Assets are protected
Refinanced mortgages can be stripped away from your primary mortgage
All secured and unsecured debt, including some student loans and taxes, can be consolidated into a payment that you can afford.
Chapter 13 Bankruptcy Petition
Filing the petition with your bankruptcy lawyer is the first step. Once your attorney files your bankruptcy petition with the courts, an automatic stay is put in place so that your creditors cannot try to collect debts from you. This means the harassing phone calls will stop as does wagegarnishment, repossession, foreclosure, and lawsuits.
When filing, you will need to provide the names and addresses of all of your creditors and financial liabilities including your car loan, medical bills, credit card debt, tax liabilities, student loans, child support payments, alimony payments, personal loans, and mortgage. Listing your income and all of your debts is considered in what is called the “means test” to ensure that Chapter 13 will work for you. Your attorney can help you navigate this process.
If your debt is unmanageable, you need a solution. King& King can help you wipe the slate clean so that you can start over and have a bright financial future. Call us for a free consultation today at 404-524-6400