Soperton Chapter 13 Bankruptcy Attorney

Filing for Chapter 13 Bankruptcy in Southeast Georgia

The weight of significant debt is immense. If you are dealing with endless calls from creditors, wage garnishment, threats of vehicle repossession, or even potential foreclosure, know that relief is possible. 

Filing for bankruptcy allows you to regain control of your finances and put an immediate end to collection actions. With Chapter 13 bankruptcy, you have the opportunity to restructure your debts and make realistic payments over time. In many cases, you do not have to pay the full amount of your debt. 

At Calhoun Law Firm, we help clients navigate the process of filing for Chapter 13 bankruptcy. From determining your eligibility to preparing for meetings with creditors to helping you create a debt repayment plan, our Soperton Chapter 13 bankruptcy attorney is here to help. We employ a personalized approach and work directly with our clients to answer their questions, address their concerns, and provide the one-on-one guidance they need to move forward.

Contact us online or call (912) 301-4047 for a free, 30-minute consultation. 

What Is Chapter 13 Bankruptcy? 

Chapter 13 bankruptcy is a legal process that allows individuals with a regular income to reorganize their debts and create a repayment plan. This type of bankruptcy is also known as a wage earner's plan. It provides a path for debtors to keep their property while gradually paying off their debts over a period of three to five years.

Unlike with Chapter 7 bankruptcies, Chapter 13 does not result in the discharge (or elimination) of your debts. Instead, you will still be responsible for paying back some or most of your debts. However, you will be allowed to do so over time in smaller, more manageable installments. In many cases, debtors meet the terms of their repayment plans before paying off the full amount they owe. 

The Benefits of Filing for Chapter 13 Bankruptcy 

One of the significant benefits of Chapter 13 bankruptcy is that it allows you to keep your property, such as your home or car, as long as you continue to make payments according to the agreed-upon plan. This means that you do not have to forfeit non-exempt assets. It also provides protection against collection efforts, including foreclosure and repossession. 

Additionally, Chapter 13 bankruptcy may offer more favorable terms for debt repayment compared to potential alternatives, such as Chapter 7 bankruptcy. 

However, it is essential to consider the potential drawbacks of Chapter 13 bankruptcy as well. One major drawback is that the process can be lengthy, lasting from three to five years. During this time, you may be required to live on a strict budget and dedicate your disposable income toward debt reduction. Additionally, not all debts may be dischargeable, meaning you may still be responsible for certain obligations even after completing the repayment plan.

Overall, however, Chapter 13 offers a path to financial freedom and relief from significant debt.

Who Is Eligible for Chapter 13 Bankruptcy? 

To file for Chapter 13 bankruptcy, you need to meet certain qualifications. 

These requirements include the following: 

• Firstly, you must have a regular source of income and have filed all required tax returns for the past four years.
• Additionally, your unsecured debts cannot exceed a specific limit set by law, and your secured debts must not exceed another threshold.

Many people who do not qualify for Chapter 7 are eligible to file for Chapter 13 bankruptcy. We encourage you to reach out to our firm to learn more, including whether you meet the specific eligibility requirements for filing for Chapter 13 bankruptcy in Georgia.

How Do You File for Chapter 13 Bankruptcy? 

The filing process for Chapter 13 bankruptcy involves several steps. 

Below is a brief overview of how the Chapter 13 bankruptcy process typically works: 

• Pre-Filing Requirements: Once you decide to proceed with Chapter 13 bankruptcy, you will need to gather all relevant financial documents, such as income statements, tax returns, and a list of assets and debts. You will also be required to complete credit counseling from an approved agency within six months prior to filing.
• Filing the Petition: The next step is to file a petition with the bankruptcy court in your jurisdiction. The petition includes detailed information about your financial situation, income, expenses, assets, and liabilities. Along with the petition, you must also submit a proposed repayment plan outlining how you intend to repay your debts over the next three to five years.
• Automatic Stay: Once the petition is filed, an automatic stay goes into effect, which stops creditors from attempting to collect debts or take legal action against you. This provides temporary relief and protects you from foreclosure, repossession, wage garnishment, or other collection efforts.
• Confirmation of the Repayment Plan: After filing the petition, a meeting of creditors will be scheduled, where you, your attorney, and the trustee appointed by the court will discuss your repayment plan. If the plan is feasible and meets the requirements, the court will confirm it, and you will begin making payments according to the plan.
• Completion of the Plan: Over the course of three to five years, you will make regular monthly payments to the bankruptcy trustee, who will distribute the funds to your creditors according to the plan. 

Before filing for Chapter 13 bankruptcy, it is advisable to consult with a knowledgeable bankruptcy attorney who can assess your financial situation and determine if Chapter 13 is the right option for you. At Calhoun Law Firm, we can help you understand the eligibility requirements and guide you through the entire process.

Schedule a Free Consultation with Our Chapter 13 Attorney Today

If you are overwhelmed by debt and are struggling to see a path forward, we encourage you to reach out to Calhoun Law Firm to learn more about your debt relief options. Our Soperton Chapter 13 bankruptcy lawyer can answer any questions you may have and provide the guidance you need to make informed and empowered choices about your financial future. 

For a free initial consultation, call (912) 301-4047 or contact us online. We offer payment plans.