Chapter 13 Bankruptcy
If you are struggling with mounting debt bankruptcy can offer relief! We can stop harassing creditor phone calls. At Holston & Huntley, LLC, we understand the stress of managing financial hardships. We have assisted clients throughout the states of Georgia and Alabama in Chapter 13 bankruptcy proceedings. We have the skill and experience to provide you with the representation you desire at a price you can afford.
Filing Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to repay all or part of your debts. The process can take from three to five years, depending on your income and debt. In short, Chapter 13 bankruptcy is similar to a debt consolidation. Also under Chapter 13 you will make fixed installment payments to a trustee for any debt included in the plan between 3 to 5 years. The trustee will then distribute the payments to creditors.
Filing a Chapter 13 stops all foreclosure proceedings. This is one of the many benefits of filing a Chapter 13 bankruptcy. Furthermore, it allows you to cure delinquent mortgage payments, subject to some restrictions. Also, any pending lawsuit that has been filed against you will stop. Chapter 13 also offers some protections for co-signers of loans. Additionally, while your Chapter 13 case is open creditors are prohibited from starting or continuing collection actions against you.
Generally, individuals are eligible for Chapter 13 bankruptcy if their unsecured debts are less than $383,175 and their secured debts are less than $1,149,525. Similar to Chapter 7 you must file a schedule of assets and liabilities. You must also receive credit counseling from an approved agency. Creditors are prohibited from starting or continuing wage garnishment once a chapter 13 is filed. This is another benefit of filing a Chapter 13 bankruptcy. Neither can creditors contact you by phone or letter. Additionally, within 14 days of filing the chapter 13 petition, you are required to file a repayment plan for court approval. The payment plan will list a schedule of fixed payments to the trustee. The trustee will then distribute the payments to creditors. You must begin making payments within 30 days of filing the petition. Upon the completion of all payments the court will enter a discharge.
Explore Your Options with a Bankruptcy Lawyer
Discussing your financial situation with a qualified attorney can help you understand which alternatives are most beneficial to you. Our bankruptcy lawyers can explain the advantages of Chapter 13 bankruptcy. We represent debtors in many cities across Alabama and Georgia, including but not limited to Metro Atlanta Georgia, Columbus Georgia, Albany Georgia, Marietta Georgia, Sandy Springs Georgia, and Roswell Georgia, Birmingham Alabama and surrounding counties and Auburn Alabama to name a few. To schedule a free initial consultation, contact us online or call Holston & Huntley, LLC at 1-888-513-0004.
Don’t risk attempting to file your petition alone in an attempt to save money. You face a high risk of having your petition rejected if you are unsure how to navigate the Bankruptcy Code. We Offer Free Consultations for Both Ch. 7 & Ch. 13 Bankruptcies!