Has an unexpected injury, illness, or some other unforeseeable expense set you back financially? Despite a steady income, are you struggling to keep up with growing debts that threaten to overwhelm you? Are you in danger of losing your home, car, or other valuable assets? Relief is available to you under the law in the form of Chapter 13 bankruptcy, which can give you the chance to restructure your debt, protect your assets, and pay back what you owe over time.
In some Chapter 13 cases, you may be able to accomplish the same thing as can be accomplished in a Chapter 7 case (that is, wiping out all unsecured dischargeable debt) while at the same time protecting all your assets.
If you are contemplating filing for Chapter 13 bankruptcy but are uncertain whether this approach is right for you, Reidy Law Firm, LLC is ready to help. You will work directly with our Atlanta Chapter 13 bankruptcy lawyer, who will provide personalized, compassionate assistance throughout our handling of your case. We genuinely care about our clients and leverage our experience and knowledge to pursue the best possible outcome. Let us give you the confidence of knowing your finances and future are in capable hands.
Schedule a free initial consultation by calling (678) 883-1210 or contacting us online. Our firm offers after-hours appointments and flexible payment options.
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Before you file for Chapter 13 bankruptcy, you will need to complete the paperwork associated with your petition and complete a credit counseling course. We will then file your case with the appropriate court.
Filing your petition will trigger the automatic stay, which stops any pending foreclosures, repossessions, wage garnishments, or collection lawsuits. These actions cannot proceed as long as the Chapter 13 case is intact. Remember, Chapter 13 bankruptcy lasts between three and five years, meaning your secured assets will often be protected for an extended period of time while you reorganize. We are prepared to facilitate emergency filings if you are in immediate danger of losing your home or car.
Upon filing the petition, the attorney will also file a Chapter 13 plan of reorganization that will satisfactorily address all of your debts, according to the type of each debt. Monthly payments that are tied to your disposable income are paid to a Chapter 13 Trustee who administers the case, and you will not be required to pay more than you can afford.
Filing for Chapter 13 bankruptcy is a major commitment, as the process will last between three and five years. Seeking any type of bankruptcy relief will also have major financial ramifications, and it is important that you carefully consider what filing can and cannot do for you.
To file for Chapter 13 bankruptcy, you must be able to afford a monthly payment plan. If you have little to no disposable income, this may not be practical. “Disposable income” refers to the amount of money you have left over each month after paying essential expenses like housing, food, and transportation.
In other words, Chapter 13 bankruptcy tends to make sense only if you have a consistent income but cannot keep up with your bills. This could happen if you are forced to take a lower-paying job or if you are beset by unexpected expenses, such as medical fees associated with an injury or illness.
Filing for Chapter 13 bankruptcy may be in your best interest if you are in danger of losing your home or car. The process gives you a chance to resolve arrears and bring your secured loans current, allowing you to keep your most important assets.
Chapter 13 bankruptcy makes less sense if you have little to no current income. In these situations, Chapter 7 bankruptcy may be able to provide the relief you need. Compare your current income to Georgia’s average median income for your household size. If you make less than this number, you may be able to file for Chapter 7. Chapter 7 may also be your only option if you do not have substantial disposable income. Our Atlanta Chapter 13 bankruptcy attorney will thoroughly assess your finances and determine your eligibility and options.
You can advantageously structure your Chapter 13 payment plan due to rules concerning “priority debts.” Not all debts are treated equally in a Chapter 13 bankruptcy, as some receive a higher “priority” than others. Missed child and spousal support payments and recent tax debt frequently receive high priority, along with secured debts, including mortgage arrears. These are examples of debts that cannot be discharged, so it is beneficial to put the bulk of your monthly payments toward satisfying these obligations. The attorney will draft the Chapter 13 plan.
Unsecured debts generally receive the lowest priority and can be eliminated through discharge at the end of the Chapter 13 process. Credit card debt, personal loans, medical debt, and unpaid utility bills that were not paid off through your plan may be wiped away after you make all plan payments and complete a financial management course.
To make the most of your filing, you will need someone who understands how to strategically structure a payment plan and successfully navigate the bankruptcy code’s many complex rules. Our Atlanta Chapter 13 bankruptcy lawyer at Reidy Law Firm, LLC can work with you to develop a plan tailored to your unique finances. We will make protecting your secured assets and settling other nondischargeable debts our top priorities.
If you have questions about filing for Chapter 13 bankruptcy in Georgia, contact us online or call (678) 883-1210 to get the answers you need to make an informed decision.
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