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Chapter 13 Bankruptcy

Serving Madisonville, Hopkins County, Webster County & Surrounding Areas

Bankruptcy Specialist Kristi

Chapter 13 is often referred to as the "wage-earners" bankruptcy plan. This type of bankruptcy allows an individual with a regular source of income to pay off all of some of his or her debts through a repayment plan spread out over a time period of usually 3 to 5 years. Those who are not eligible for a Chapter 7 filing may file a Chapter 13.

If you or someone you know in Madisonville or anywhere in Hopkins or Webster counties would like to inquire about a Chapter 13 filing, please contact my firm to schedule a bankruptcy evaluation with me. As a bankruptcy lawyer, I can provide the information, assistance, and representation you need to accomplish this type of a bankruptcy filing. I have 30 years of experience as a practicing attorney and concentrate on bankruptcies and debt relief for clients throughout the area.

Chapter 13 Repayment Plan

Chapter 13 bankruptcy is for individuals who have a regular source of income with which they can make payments to a Chapter 13 trustee for the repayment of certain debts. Under this filing, the debtor must submit a repayment plan to the court for approval. If the court approves the plan, most creditors will be prohibited from trying to collect from the debtor. The debtor makes regular payments to the trustee who disburses it to the creditors in the manner called for in the repayment plan. Upon completion of the payments called for in the plan, the debtor is released from liability for the remainder of his or her dischargeable debts. As a bankruptcy attorney, I can help you devise a repayment plan based on your anticipated income for this type of bankruptcy filing.

Chapter 13 allows a debtor to keep a valuable asset, such as his or her home. This plan is beneficial for those who have fallen behind on mortgage or car payments and want to catch up without losing these assets. When you file a Chapter 13 petition, an automatic stay is imposed on creditors by the court which stops creditors from repossessions and foreclosures. Contact the firm for legal assistance with a Chapter 13 bankruptcy in Madisonville, Hopkins County, or Webster County today!

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