Chapter 13 Bankruptcy
Norfolk Bankruptcy Attorney
Behind on your car or house payments? Chapter 13 bankruptcy is a great option for individuals who want to hold on to their assets and simply reorganize their debts. Chapter 13 bankruptcy is designed for individuals with a regular income who want to, but are unable to pay off their debts. In Chapter 13, debtors consolidate their debts and make payments over a three to five year period.
Why could Chapter 13 be a good option for you?
Filing for Chapter 13 bankruptcy is a great defense to foreclosure or car repossession. You can also consolidate student loans in Chapter 13 bankruptcy. Along with student loans, a Chapter 13 allows you to pay other non-dischargeable debts such as recent taxes and can help you avoid a second or third mortgage.
By filing Chapter 13, you can protect co-signers and can protect the equity you have built up in your home. If you want to pay off your overdue student loans and taxes without additional interest and penalties, Chapter 13 could be a convenient option for you. Get current on your delinquent house and car payments today!
How Chapter 13 Works
Curcione Law, PLC can help you determine which bankruptcy plan you qualify for and which is a better option for you and your family. In a Chapter 13 bankruptcy, you make monthly payments to a trustee appointed by the bankruptcy court. The trustee then pays your creditors a portion of what you owe them.
You may only be required to pay back 5% to 10% of your unsecured debt over a three to five year period. Chapter 13 requires creditors to take less money monthly over a longer period of time.
Once you have completed a Chapter 13 bankruptcy, whatever listed debts have not been paid by the trustee (minus a few exceptions) are discharged. When filing for Chapter 13, an accurate assessment of your debt and monthly income must be taken into account before proposing a repayment plan for approval by the court.
In order to file for chapter 13, you will need to submit a petition for bankruptcy, a statement of financial affairs and schedules which include the following information:
- A list of creditors and the amounts and nature of their claims
- The source, amount, and frequency of your income
- A list of all your property
- A detailed list of all your monthly living expenses: food, clothing, housing, utilities, taxes, transportation, medicine and so forth
After submitting your repayment plan you are required to attend a meeting (known as a 341 meeting) with your creditors. Creditors will have an opportunity to ask you questions and challenger your repayment plan, while you are under oath.
An attorney at our firm can accompany you to the 341 meeting, providing you with the counsel and guidance you need to proceed with confidence and peace of mind. Let our firm ensure that your rights and best interests are protected!
If you don't know how you are going to pay off your bills next month and are behind your mortgage make the right decision today to speak to our firm about filing for Chapter 13 bankruptcy! Currently there is a $150 case filing fee and a $39 miscellaneous administrative fee for filing a bankruptcy petition. You can usually pay these fees in installments, up to four for the filling fee.
Contact Curcione Law, PLC today to secure the legal services of a dedicated, professional and experienced Norfolk bankruptcy attorney!
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