Debt can be overwhelming and stressful. Bankruptcy might be the best solution for you to discharge or reduce your debt. At Hubbell Duvall, we have the experience to help you make sure that you are making the right choices when it comes to dealing with the bankruptcy process. Our attorneys will provide expert advice to ensure that you find the best solution for you and your family or business.
Chapter 13 bankruptcies are considered a reorganization bankruptcy and give individuals relief from their creditors. These bankruptcies allow debtors to keep their property by agreeing to make payments over a period of time. They are sometimes considered “consolidation bankruptcies”, because many of your debts will be consolidated so that an individual has lower repayments then they do currently.
A Chapter 13 bankruptcy is a process that can take 3-5 years. An automatic stay against collections will begin as soon as your case is filed. Your attorney will help you create a repayment plan. You will need all of your financial information, including a list of all debts owed, even if the payments are current in order to consolidate all of your debt. The repayment plan will be negotiated with your creditors, and will be paid to a Bankruptcy Trustee. This is often done through wage garnishment.
If you file a Chapter 13 bankruptcy, you cannot incur new debts over $1000 without approval of the court. If you need to incur debt, you should consult with one of the attorneys at Hubell DuVall. You may need to re-file your case to prevent your negotiated repayment plan from being dismissed.
A Chapter 13 bankruptcy may be the best option for you and your family. Reach out to the attorneys at Hubbell Duvall to determine if a Chapter 13 bankruptcy is right for you, and to get help in developing a repayment plan that will provide relief from your debts.