Affordable Chapter 13 Bankruptcy Lawyer

Any self-employed individual, including one who owns an unincorporated (sole proprietorship or partnership) business is eligible. Applicants must take approved credit counseling six months prior their application.

To confirm your eligibility for Chapter 13 debt protections, request a free consultation with an Unbundled Bankruptcy Attorney, who will advise you of your options and let you know if Chapter 13 is right approach for you.

What is the process of Chapter 13 Bankruptcy?

A petitioner must provide the trustee a detailed history of his financial records, including income taxes, a list of income and creditors owed money, assets and property, as well as all living expenses.

Between three and seven weeks after a petition is filed, the trustee convenes a meeting of creditors. Attendance of the petitioner is mandatory. The trustee will develop a plan at this meeting, and typically the payments plan is approved at that time.

The trustee will establish minimum payments for a period typically between three and five years. The petitioner's creditors will then have the debtor's payments divided between them according to a repayment schedule established by the trustee.

Under the Chapter 13 process, a debtor does not have to relinquish assets to the trustee, which is unlike the Chapter 7 bankruptcy procedures. Rather, payments deemed by the trustee to be reasonable for the petitioner to afford, are scheduled over the three to five-year period, after which all debts can be officially discharged (forgiven) by order of the trustee.

Individuals who would like to take advantage of the benefits of a Chapter 13 bankruptcy can request a free consultation with an Unbundled Bankruptcy Attorney to discuss how best to protect their rights, given their specific personal circumstances.

Type of Debts Filed Under Chapter 13

A homeowner who is behind on mortgage payments can stop foreclosure by their bank and establish a path to cure his delinquency over a period between three to five years. The filing of a Chapter 13 petition stops the collection activities of mortgage creditors. Debtors who have a third-party co-signer can be included in their Chapter 13 application. If an individual is behind on multiple debts, she can apply for a consolidation loan through Chapter 13 and make a single payment that the trustee will divide up between the recognized creditors of record.

An individual with past due alimony or child support payments, a secured car or house loan student loan and even attorneys' fees owed, can be covered under Chapter 13 protections. Medical bills, income tax, and credit card delinquencies are also covered by Chapter 13 bankruptcy laws.

No one wants to be in a position to have to declare bankruptcy. However, it can give you the protection and debt relief you need to clear your financial slate and begin again anew.

Request a free consultation with an Unbundled Bankruptcy Attorney to find out if Chapter 13 bankruptcy will be the solution you need to start over and start building a new financial future for you and your family.

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