Understanding Chapter 13 Bankruptcy And How It Works

A divorce, illness, loss of a job—you name it—can bring out serious financial trouble for individual.

Filing a Chapter 13 bankruptcy may be a viable option for individuals and families seeking to protect their home, prevent foreclosure, stop auto repossession, or pursue debt consolidation options.

Many people file for a Chapter 13 when they want to keep certain assets or do not qualify for Chapter 7.

A Reorganization Plan

Chapter 13 is different from a Chapter 7 bankruptcy in that it allows debtors to reorganize their debt and keep existing assets like their car and home.

Debtors make a monthly payment plan over a 3-5 year period. The amount and the timeframe will depend on the debtor's debt and particular situation.

Like a Chapter 7, once the bankruptcy is filed, creditors must cease contacting you or making demands for payment.

Let Us Offer Experienced Guidance

At Gillespie & Murphy, P.A., our bankruptcy attorneys have helped many people in Eastern North Carolina in all types of situations file for Chapter 13 bankruptcy.

If you are under considerable debt and wish to know more about Chapter 13 bankruptcy, contact us for guidance. We can explain Chapter 13 in greater detail and help you determine if this is the right option for your situation. If it is not, we can offer guidance on other debt relief options available in North Carolina.

Get Started Today. Free Consultations.

Contact Gillespie & Murphy, P.A., to schedule a free consultation at our New Bern, Wilmington, Greenville or Jacksonville, North Carolina, offices.

From start to finish, our team will be available to help you through the entire debt management process.

Call 252-558-1374 today or send us an email.

We are a debt relief agency under the United States Code. We help people file for bankruptcy relief under the Bankruptcy Code.