Is a Chapter 13 Bankruptcy Right for You?
Due in part to the current economic crisis, there has been a significant spike in bankruptcy filings. If you bear a burden of debt that you can never hope to pay off, you are not alone. If you are facing foreclosure on your home, a Chapter 13 bankruptcy may be able to help you keep your house.
Attorney James W. Amos in Hernando, Mississippi, has considerable experience helping individuals and families file for bankruptcy. To schedule an initial consultation, call 866-471-9681 or contact Mr. Amos' office online.
Creating a Payment Plan Under Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, all of your dischargeable debts are consolidated into one manageable monthly payment. You or your attorney will work with a bankruptcy trustee and with your creditors to decide on a fair payment amount. After making this payment for three to five years, your remaining debts will be discharged.
While "unsecured debt" like credit card debt can be discharged, you cannot discharge "secured debt," like a mortgage or a car payment. However, your payment plan can take those debts into account. If you are behind on mortgage payments, Mr. Amos can help you negotiate a payment plan that allows you to catch up and ultimately keep your house.
Who Files for Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is most suitable for individuals who aren't eligible to file for Chapter 7 bankruptcy. If you qualify under Chapter 7, your unsecured debts are completely discharged and you do not have to make monthly payments. Student loans are an exception and usually are not dischargeable in bankruptcy.
If you have many assets and don't want to sell them, or if your income is too high to qualify for a Chapter 7 bankruptcy, then you will likely have to file for Chapter 13. Attorney James W. Amos has had many successes helping individuals meet the requirements for Chapter 7 bankruptcy, even when Chapter 13 looked inevitable.
If you would like to schedule an initial consultation with a knowledgeable lawyer, call Mr. Amos at 866-471-9681 or contact his firm online today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
