Wilmington, NC Chapter 13 Bankruptcy Lawyers Helping Clients Get Financial Relief Through the Bankruptcy Process
If you’re looking for relief from financial problems, you should consider Chapter 13 bankruptcy. As long as you have enough disposable income to make monthly payments to creditors, you will likely qualify for this debt relief option. An experienced bankruptcy lawyer can help you determine if Chapter 13 bankruptcy is suitable for you before you file with the court.
When you come to Gillespie & Murphy, P.A. for legal guidance, you’ll have help from a compassionate bankruptcy attorney who truly cares about getting you the fresh start you deserve. Call our North Carolina law firm to arrange a free consultation with our skilled attorneys.
How Does Chapter 13 Bankruptcy Work?
Chapter 13 bankruptcy allows you to reorganize your finances so you have a chance to catch up on payments in arrears. When you file, you will make a repayment plan describing how much you will pay toward your debts over the next three to five years. After approval, you can begin your payment plan to work toward a better financial situation.
Once your repayment plan is over, your debts will be discharged and the creditors involved in the repayment plan can’t request money from you anymore. This is the case even if the full amount of the debts included in the payment plan were not paid off. In fact, Chapter 13 bankruptcy usually results in debtors paying less on their debts than they would if they tried to pay on their own or used other debt relief options, such as debt consolidation.
If you’re unsure if you qualify for Chapter 13 bankruptcy, contact our Wilmington law firm to talk to a caring bankruptcy lawyer. We offer a free consultation and reasonable attorney fees to anyone looking for a fresh start financially.
What Are the Advantages of Filing for Chapter 13 Bankruptcy?
Filing for Chapter 13 bankruptcy has several advantages. One is the ability to keep your assets. Since you’re paying your creditors back via a payment plan, you don’t have to sell valuable assets to get your debt discharged. This means you can likely keep your house, car, and other assets as long as each creditor agrees to your proposed payment plan.
Another benefit of Chapter 13 bankruptcy is the automatic stay that is in place once you file. According to bankruptcy law, creditors must stop contacting you for payment once the bankruptcy process begins. So, if you’re about to lose your house to foreclosure or your car to repossession because you’re past due on payments, filing for Chapter 13 bankruptcy will give you a chance to catch up.
When you file bankruptcy, every creditor must stop using debt collection methods against you, such as levies and wage garnishment. This allows you to take care of secured and unsecured debts by working out repayment plans over the next few years. If you want to find out how this debt relief solution can benefit you, contact a North Carolina Chapter 13 bankruptcy lawyer at our Wilmington law firm for an initial consultation.
How Do You File for Chapter 13?
If you’re interested in discharging secured and unsecured debt through Chapter 13 bankruptcy, you need to learn the basics of bankruptcy law to ensure you qualify. To start, you must have enough disposable income to make regular payments according to your repayment plan.
You also cannot have too much debt. Your unsecured and secured claims combined cannot be more than the maximum for an individual debtor. The Bankruptcy Code changes occasionally, but most recently the limit is $2,750,000.
Your North Carolina Chapter 13 bankruptcy lawyer will help determine if you qualify to file. If you do, you can file the petition for Chapter 13 bankruptcy with the court and start the automatic stay. You will then submit your proposed payment plan outlining the amount each creditor will get via a payroll deduction.
Next, you will attend a financial management course and a meeting with creditors to discuss your repayment plan. If they agree to the plan, the judge will need to agree, too. There will typically be a confirmation hearing where you will find out if the plan was accepted. If it’s not, you can modify it or determine if Chapter 7 bankruptcy would be a better option.
If the plan is accepted, you can start making plan payments. Once the payment period is over, you can expect secured and unsecured debts involved in it to be discharged. You will need a skilled attorney to answer questions about what kind of debt you can eliminate, how much debtors usually promise to pay on repayment plans, what the filing fee is, and more. Contact our North Carolina law firm to talk to a caring bankruptcy lawyer about your case during a free consultation.
How Can North Carolina Attorneys Assist with Chapter 13 Bankruptcy?
If you’re in arrears on personal loans, mortgage payments, car loans, or any other type of debt, you may be able to avoid foreclosure, repossession, or income garnishment by filing for Chapter 13 bankruptcy. Your first step should be to contact a North Carolina Chapter 13 bankruptcy lawyer who can help you work out a plan to repay secured and unsecured creditors.
When you come to Gillespie & Murphy, P.A. for help with Chapter 13 bankruptcy, you’ll talk to skilled attorneys about your case, including what costs you’ll pay as a debtor and what kind of debt you can eliminate. Our lawyers have spent years helping individuals across North Carolina get a fresh start by filing for Chapter 13 bankruptcy, and we can do the same for you. Call our Wilmington law firm at 910-597-4419 to schedule a free consultation with an attorney you can trust to handle your Chapter 13 case.