If you have a steady income and want to protect your property and other assets, a Chapter 13 bankruptcy filing may be the best option for you. Filing for Chapter 13 bankruptcy allows you to pay a portion of all your debts in installments (many interest free). Most people qualify for Chapter 13 bankruptcy as long as they have a regular income that allows you to create a budget and make monthly payments towards your debt.
Structuring A Repayment Plan With An Attorney
While Chapter 7 consumer protection is classified as a liquidation bankruptcy, Chapter 13 implements a process of reorganization and debt repayment. During a Chapter 13 bankruptcy, a structured repayment plan will be drafted and implemented. The bankruptcy payment is largely based on what you can afford. The plan accounts for your consolidated debt, income and your ability to pay off debts over time — most Chapter 13 repayment timelines last three to five years.
Some potential benefits of a Chapter 13 bankruptcy include:
- Your property and assets will remain untouched.
- A structured repayment plan will give you time to gradually repay your debts.
- Being able to pay back many of your debts interest-fee.
- Repossession actions will stop.
- Your home will be protected against foreclosure.
- You can begin rebuilding your finances and credit rating.
Practical Advice Toward Chapter 13 Bankruptcy Solutions
When you are considering filing for bankruptcy, you want to work with a lawyer who understands the law and legal landscape. By focusing a vast majority of his practice on matters of personal bankruptcy protection, Michael keeps abreast of any changes to the law that may affect his clients.
Contact Michael today for a free, no-obligation consultation by calling 502-451-3030 or by sending an email. With a vested interest in helping each client find bankruptcy relief, our Louisville firm will provide you with the personal representation you require.