What Is Chapter 13 Bankruptcy?
LEARN MORE ABOUT CHAPTER 13 IN MEDIA, PA; RISING SUN, MD & STATEN ISLAND, NY
What is Bankruptcy?
What Are The Benefits In Filing For Bankruptcy?
Are Your Debts Greater Than Your Assets?
LEARN MORE ABOUT INSOLVENCY
Insolvency occurs when your debts are greater than your assets or you no longer have the ability to pay your debts. Generally, people file bankruptcy to try to resolve their insolvency.
If you are not insolvent, an attorney can possibly help you find other debt relief options.
In you are insolvent, there are several different kinds of bankruptcy that individuals and businesses may file under the U.S. Bankruptcy Code. While Chapter 7 is the most common type of consumer bankruptcy, it is not necessarily the right option for everyone. Experienced bankruptcy lawyer Michael Siddons can evaluate your specific situation and help you determine the right type of bankruptcy to leave you in the best financial situation possible when your case is over. Mike is an affordable attorney for an insolvent debtor and has your best financial interests in mind.
Understanding Chapter 13 Bankruptcy
WHAT IS CHAPTER 13 Bankruptcy?
THE CHAPTER 13 BANKRUPTCY PROCESS
The Chapter 13 bankruptcy process is complicated with many different requirements. To ensure you successfully navigate the legal system, you should seek assistance from a qualified bankruptcy attorney before you even begin the bankruptcy process.
An attorney will first help you prepare your bankruptcy petition to file with the court. Along with your petition, you must also file a significant amount of documentation, including all of your creditors. Your lawyer will also assist you in designing a repayment plan that you will submit to the court. When you file, the bankruptcy court will order an automatic stay into effect, which will stop any creditors from attempting to collect on any of your debts and will put your payments on hold.
A bankruptcy trustee will review your suggested payment plan and may negotiate to change the plan based on your financial information. It is essential to have any plan reviewed by your experienced attorney who can advise you whether a plan is too aggressive or otherwise unsuitable for you. Once a plan is agreed upon, you will start making payments to the bankruptcy trustee, who will distribute percentages of your payments to different creditors. When the payment period has ended, the court will discharge any qualifying debts and you should have significantly more cash flow to cover the remaining debts, such as your mortgage or car loan.
Should You File for Chapter 13 Bankruptcy?
Many people do not understand why they would make payments for three to five years when they could simply seek a discharge through Chapter 7 bankruptcy. However, Chapter 7 is not available for individuals or couples who have more than a certain amount of income each month. If you have regular income, you can instead qualify for Chapter 13 as you can demonstrate your ability to make the court-ordered payments.
In addition, in Chapter 7 bankruptcy, the bankruptcy trustee can seize a significant amount of property to liquidate and pay your creditors. If you have a lot of valued property–including real estate, vehicles, art collections, investments, and more–Chapter 13 may be the best option because it can allow you to keep your property.
Experienced bankruptcy attorney Michael Siddons can provide advice on whether you qualify for Chapter 13 and whether it is the preferable choice for you. Our firm is based throughout Media, PA; Rising Sun, MD & Staten Island, NY.
Next Step - Hire a Chapter 13 Bankruptcy Attorney
HOW TO FIND A CHAPTER 13 ATTORNEY
Not every attorney is the same and you want to be sure that you choose the one who will handle your Chapter 13 case in the most efficient and favorable way possible. The following are some things to remember when finding a bankruptcy attorney:
- Ensure the attorney regularly focuses on bankruptcy law. While other lawyers may claim they know how to handle your case, if they do not focus at least part of their practice on bankruptcy, they may not know how to provide the best advice and guidance throughout your case.
- Find a lawyer who is thoroughly familiar with not only federal and state bankruptcy laws but also with the rules and procedures of your local bankruptcy court and the trustees in your area.
- Ask about your lawyer’s experience with Chapter 13 cases, as this type of case may differ significantly from Chapter 7 cases or other types of bankruptcy. Chapter 13 bankruptcy can have many legal issues arise and you want someone representing who has sufficient experience to address any relevant issues.
- Make sure your attorney will provide personalized attention and provides tailored advice based on your individual situation. You also want a lawyer who will inform you of any new developments in your case in a timely manner.
Attorney Michael Siddons focuses a significant amount of his practice on bankruptcy law and has helped numerous people find relief through Chapter 13 bankruptcy throughout Media, PA; Rising Sun, MD & Staten Island, NY surrounding areas. You can trust our firm will always protect your rights and interests and provide the highest quality of Chapter 13 assistance.
Do I need a chapter 13 trustee?
HOW DO I DISCHARGE MY CHAPTER 13 BANKRUPTCY?
The end goal of a Chapter 13 bankruptcy is often the discharge of your remaining debts. An attorney can help you through every step of the way to ensure you have the best chances of achieving a successful Chapter 13 discharge.
You can obtain a discharge of your debts by successfully completing your Chapter 13 payment plan. A top attorney for chapter 13 discharge will work to make sure your plan is realistic and help to adjust your plan if needed so that you remain on track for a discharge. Some debts that may be discharged at the end of a Chapter 13 bankruptcy include the following:
- Credit card balances
- Medical bills
- Certain tax obligations
- Personal loans
- Certain legal judgments
At the law office of Michael Siddons, we have helped many individuals and households overcome financial difficulties and start over with a fresh financial slate. No one should be ashamed to admit they are in over their head in debt; in fact, waiting too long when there is no realistic way you can catch up with payments can only make your situation worse. Chapter 13 bankruptcy can help you keep your home and other valued property while providing a feasible solution for you to take control of your finances.
We understand that not being able to answer calls and constantly hiding from creditors can be exhausting and we are here to help you find affordable solutions for debt relief. If you would like more information about how Chapter 13 bankruptcy can help you and your family, please call our office as soon as possible at 610-255-7500. We provide Chapter 13 bankruptcy constitutions throughout Media, PA; Rising Sun, MD & Staten Island, NY surrounding areas.
FOR MORE INFORMATION ABOUT CHAPTER 13, CONTACT US TODAY!
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