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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