File Chapter 13 Bankruptcy· Free Office Consultation
A Chapter 13 bankruptcy petition can be filed to put an immediate stop to foreclosure, repossession of your automobile, garnishment and other forms of debt collection. You can be allowed up to 60 months to pay back your delinquent mortgage payments and other past due debts. If you qualify, you can even wipe out some or all of your credit card debt. Debtors who want to keep their home, automobiles and personal property but need time and better payment terms can get the relief the need by filing a Chapter 13 bankruptcy petition.
Who Can File a Chapter 13?
Chapter 13 relief is available only to individuals and couples with regular incomes (a steady paycheck). Businesses do not qualify. In exchange for keeping their property, the debtor makes payments to the Bankruptcy Court, which then pays the creditors a predetermined percentage. Chapter 13 can save your home or provide creditor relief and asset protection if you do not qualify for Chapter 7 bankruptcy.
How Do I Know if I Qualify?
Serving Gwinnett Count and Walton County, Georgia, Daniels & Taylor, P.C. will evaluate your income and expenses to determine which bankruptcy chapter you qualify to file under. If you qualify for a Chapter 13 bankruptcy, we will develop a repayment plan that will meet the approval of the Chapter 13 trustee and the bankruptcy judge.
What Is a Chapter 13 Plan?
The Chapter 13 plan is developed by your bankruptcy attorney based upon your income and expenses. It establishes the monthly amount you will pay to the court, the percentage each creditor will receive, and the length of the payments. The monthly payment is automatically deducted from your paycheck.
Once this plan is in place, you will remain protected from all creditor actions while you fund your repayment plan. Chapter 13 plans last from 36 to 60 months. The plan is based on what you can realistically afford. Unsecured creditors, such as credit card companies, often get paid as little as 1 percent of the amount owed. Any remaining unsecured debts are discharged if you complete the plan.
What Is an Automatic Stay?
As soon as you file Chapter 13, a legal protection called the "automatic stay" comes into effect and, by law, all creditor action must stop. The types of creditor actions that must cease include:
- Wage garnishments
- Lawsuits and liens
- Collection letters
- Harassing calls from creditors and bill collectors
The automatic stay protection remains in force until your case pays out, is dismissed or otherwise closes.
Is Credit Counseling Required?
Credit counseling is now required of all individual debtors. An approved counseling course must be completed before you are eligible to file for protection under the Bankruptcy Code. Our office will assist you with making the appropriate arrangements.
How Often Can You File A Chapter 13 Case?
If you obtained a discharge in a Chapter 13 case within the past two years, or a discharge in a Chapter 7, 11 or 12 case within the past four years, you will not be eligible for a Chapter 13 discharge. If more time has elapsed since your last filing, you are eligible. However, even if you do not qualify for a discharge, you may be able to file for limited protection under the Bankruptcy Code. There is no time restriction other than good faith.
CHAPTER 13 COSTS
Filing Costs. The cost to file a Chapter 13 bankruptcy is the federal court filing fee as set out above. (This includes both the pre-petition and pre-discharge counseling).
In some cases, the credit report can be obtained at no charge. Credit reports are not mandatory but can be very helpful if you don't have a complete and accurate list of your creditors.
Attorney's Fees. Most, if not all attorney's fees for a Chapter 13 are routinely put into the repayment plan. The Chapter 13 trustee will pay the attorney's fees on a monthly basis along with the other creditors.
What if I cannot make the payment required by my Chapter 13 plan?
If your financial circumstances change while you are in Chapter 13, or you find that you can no longer afford your Chapter 13 plan payment, Daniels & Taylor, P.C., can either modify your plan or convert your case to Chapter 7 and wipe out debts. Either way, our lawyers will stand by you every step of the way while you are in your bankruptcy case.
File Chapter 13 Bankruptcy With A Walton County Bankruptcy Attorney
From our office in Lawrenceville, our lawyers represent clients in communities throughout Gwinnett County and Walton County, Georgia. Call us at 770-604-1380 or contact us by email to arrange a free consultation with one of our experienced Lawrenceville Chapter 13 bankruptcy attorneys today. At your first meeting, we will determine if you should file for bankruptcy and what information you will need to get started.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.