Chapter 13 Bankruptcy
What is Chapter 13 Bankruptcy?
Once you declare bankruptcy through Chapter 13, immediate relief kicks into effect with an automatic stay, prohibiting creditors from acting against you or making pesky collection phone calls to your number. There are many reasons why some people opt into filing for Chapter 13 and try to enjoy its extensive benefits. Chapter 13 is often the right course of action for those who have filed for Chapter 7 previously or who do not qualify for Chapter 7. Filers seeking to avoid foreclosure on their homes or safeguard against seizure of their car often find Chapter 13 to be the most beneficial option. If your income is stable, you have a substantial disposable income, or your income is too high to qualify for Chapter 7, then filing for Chapter 13 could deliver you out of financial trouble.
How quick? Typically, a Chapter 7 Bankruptcy takes 3 to 4 months from filing to discharge. After meeting for a free consultation to determine if Chapter 7 Bankruptcy is the right avenue to pursue your debt relief, we gather essential documents from you and create a petition to file with the court. Once the case is submitted, you will attend a meeting administered by a trustee whose role is to ask you questions and administer the bankruptcy estate. In a typical case, this is the only hearing that a client will need to attend. In fact, most clients are never in front of a judge, nor do they step foot in a courtroom.
Filing for Chapter 13 might be the path towards financial stability that you have hoped for, especially if you want to minimize disruption to your life. Determining if filing a claim is your easiest way to acquire a fresh start is best done with the help of a trusted attorney that can be found here at Burleson Legal Group.
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Is Chapter 13 Bankruptcy Right for You?
Several factors could ultimately decide if filing for Chapter 13 bankruptcy is superior to Chapter 7, debt settlement, or Wisconsin Chapter 128. At Burleson Legal Group, we dive deep into your background, ensuring no details are lost to identify which strategy will bring you relief. If you have a steady income with the potential to keep up with a set repayment plan for 3 to 5 years, and your debts are under a certain debt limits, then Chapter 13 can be a great solution. You can save your home, save your car, eliminate certain types of divorce debt, eliminate most unsecured debt, and even save assets that would have been liquidated in a Chapter 7 bankruptcy.
A Chapter 13 bankruptcy requires that you pay all your disposable income into the Chapter 13 plan for the benefit of your creditors. The plan cannot exceed 5 years. After accounting for your house and car, your disposable income might only amount to 10% or 20% of what you owe to your unsecured creditors (credit card, medical bills, personal loans, etc.). In that case, you only pay that amount into your plan for the benefit of those creditors. Further, most unsecured creditors who fail to timely file a claim by the deadline date will not get paid and yet you could still receive a discharge on those debts. Successfully completing your Chapter 13 case is the only way you will receive an order of discharge. A Chapter 13 case can deliver incredible results if eligibility is met and you are guided through the process with the counsel of an experienced Chapter 13 attorney.
How We Can Help?
Bankruptcy laws are overwhelming enough to give anyone a headache due to their expansive and intricate nature. Consequently, partnering with our team of valued attorneys who have dedicated the past two decades becoming specialist in handling Chapter 13 bankruptcy cases is the best way to ensure you are equipped with the best legal advice.
Additionally, at Burleson Legal Group, we do things a little differently. We make ourselves accessible to you from financial insecurity to financial freedom, not merely from filing to discharge. While many other firms solely aid until discharge, Burleson Legal Group stays with you until you meet your financial goals. With credit counseling, judgment removal (if applicable) and post-discharge assistance, our goal is for you to enjoy the full benefits of debt relief.
If you are searching for an experienced law firm that understands how to best advise you towards financial freedom, then take the first step and contact us today.
Contact Burleson Legal Group Today
The first step toward your financial fresh start is to call or email us today. You will speak with a down-to-earth and experienced debt relief attorney who will lay out your options in an easy-to-understand manner. The consultation itself doesn’t take long and it is free. We look forward to hearing from you today!