Chapter 13 Bankruptcy Lawyers in Chattanooga
Debt Repayment Schedules to Protect Your Property
While many people find debt relief through Chapter 7 bankruptcy, some individuals are better situated to take advantage of Chapter 13 bankruptcy, also known as reorganization bankruptcy. The Chattanooga Chapter 13 bankruptcy attorneys at Conner & Roberts, PLLC can help you understand what debt relief option will be most beneficial to you.
We represent individuals struggling with their finances in bankruptcy cases throughout the eastern and middle regions of the state. We have reasonable rates and payment plan options to make sure the help you need is affordable for you.
Reorganize Your Life With Help From Our Chapter 13 Attorney
Regardless of the reasons for your accumulated debt, the bills will keep coming, and failing to pay them puts you at risk of serious financial and legal consequences. Chapter 13 bankruptcy allows an individual to reorganize their debt through a payment plan that usually lasts up to 5 years. Unlike Chapter 7 bankruptcy where dischargeable debt is eliminated, Chapter 13 allows you to pay off your debt in more manageable monthly payments.
This approach to bankruptcy enables you to keep your:
- Other property used as collateral
These payments will also include an amount to be paid toward unsecured debts such as credit cards, which could be just pennies on the dollar as they are paid as a percentage of what is owed based upon the debtor’s income and ability.
Pros and Cons to Chapter 13 Bankruptcy
The benefits to filing for Chapter 13 include:
- If you are able to afford the Chapter 13 payment plan, then you may keep both exempt and non-exempt property.
- Instant security from wage garnishment and creditors
- Chapter 13 bankruptcy may be filed at any time, repeatedly
- Foreclosure defense on your home as long as the terms of your plan are met
The disadvantages to filing for Chapter 13 include:
- Cash can be tied up during your plan period as you will be required to create a payment plan
- Chapter 13 is usually longer and more expensive when compared to Chapter 7
Putting a Stop to the Stress
As your Chattanooga Chapter 13 lawyers, we will create a budget that works for you by refinancing your car loan to a manageable payment plan, giving you up to five years to get current on your mortgage. You also may be eligible to pay your unsecured creditors just pennies on the dollar.
As soon as you file for bankruptcy, an automatic stay will be issued by the court that will stop:
- Creditor telephone calls
- Creditor letters and emails
- Wage garnishments
- Foreclosure on your house
- Creditor lawsuits
Chapter 13 bankruptcy is most beneficial to individuals who have regular income but are struggling with overwhelming credit card bills, medical expenses, car loans, and other debt. Often the best candidates for this type of bankruptcy have valuable assets, make a significant income, and would like to keep their assets, such as homes and businesses.
Conner & Roberts, PLLC will work with you to learn about your financial circumstances and help you understand if Chapter 13 bankruptcy is right for you. Our Chattanooga Chapter 13 attorneys are committed to providing practical legal advice that truly benefits our clients who face insurmountable debt.
Call our Chattanooga Chapter 13 lawyers at (423) 299-4489 now to get started.
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