530+ Google Reviews
Chapter 13 bankruptcy is sometimes called a wage earner’s plan. It’s available to people with a regular income and allows them to come up with a plan to repay some or all of their outstanding debts. To learn more, speak with an Asheville Chapter 13 bankruptcy lawyer. Based on your circumstances, your attorney can help you take the first step to pursue Chapter 13 bankruptcy.
At Farmer & Morris Law, PLLC, our goal is excellence in legal representation in every case, with every client, and at every stage. Our team has served more than 10,000 clients, including those involved in bankruptcy proceedings.
We encourage you to discuss your case with our Asheville bankruptcy lawyers. This is an opportunity to get answers to any questions you have about Chapter 13 bankruptcy and whether this is a realistic option for you. Schedule a free case evaluation.
Benefits of Chapter 13 Bankruptcy
Your North Carolina bankruptcy lawyer will consider the facts of your case and how Chapter 13 could benefit you and your family. Below are some of the reasons why people file for Chapter 13 bankruptcy:
- You can keep your assets and property. With Chapter 13, you can develop a debt management plan that allows you to get caught up on what you owe on your mortgage, car loan, or other secured debts. This allows you to avoid default, foreclosure, or repossession.
- You can pay back your creditors on a payment plan that fits your income. If you have a regular income but are dealing with outstanding debts, Chapter 13 lets you set up a court-approved plan that enables you to make reduced payments to creditors. In turn, you can pay down a portion of what you owe and settle your debts over a fixed period.
- You can reduce the total amount you owe to creditors. In a Chapter 13 repayment plan, if you owe a creditor more than what you’re able to repay during the designated time frame, the balance you initially owed will be eliminated at the plan’s conclusion.
Farmer & Morris Law, PLLC offers FAQs and other resources to those interested in Chapter 13 bankruptcy. If you decide to proceed with this option, we can guide you through each step of the process. For more information, request a free case evaluation.
Steps of the Asheville Chapter 13 Bankruptcy Process
Have an Asheville Chapter 13 bankruptcy attorney at your disposal as you file your petition. Your lawyer will be accessible to address any concerns or questions you have about Chapter 13 bankruptcy.
Plus, they can help you make informed decisions at the stages of the process listed below:
- Participate in mandatory credit counseling. You generally have to complete a credit counseling course from a U.S. Trustee Program-approved agency before you can file your petition.
- Complete your paperwork. Your lawyer can help you gather your tax returns, proof of income, and other evidence and fill out the required forms for your petition.
- Attend a 341 meeting. In this meeting, the Chapter 13 trustee can review your petition and financial information and ask you questions about your property, debts, income, and financial situation. Creditors can also attend and ask questions.
- Make repayments. You can start to make payments on what you owe within 30 days of when you file your petition. If the bankruptcy court doesn’t confirm your repayment plan, these payments will be refunded.
- Finalize your repayment plan. A hearing will be held to confirm your repayment plan. Creditors and the trustee can dispute the plan during this hearing.
Your Chapter 13 bankruptcy lawyer in Asheville will advise you to make all of your payments in accordance with your repayment plan. After completion of all of your payments is confirmed, the bankruptcy court will discharge your bankruptcy. This can cancel the balances of various qualifying debts.
Is Chapter 13 Bankruptcy Right for You?
Talk with a Chapter 13 bankruptcy attorney serving Asheville about your situation. Your lawyer can share information about the average monthly payment for a Chapter 13 bankruptcy case. Plus, they can detail the eligibility requirements for Chapter 13, which include:
- Tax filing: You’ll have to submit proof that you filed your federal and state income tax returns for four tax years prior to your bankruptcy filing date.
- Income: You have to show the bankruptcy court that you have enough income after subtracting certain allowed expenses and required payments on secured debts to fulfill your repayment obligations.
- Debt limits: You won’t qualify for Chapter 13 bankruptcy if your secured and unsecured debts exceed specified limits.
Your Chapter 13 bankruptcy repayment plan will allow you to pay back your creditors over three to five years. Filing for Chapter 13 or other types of bankruptcy can affect your credit score. With Chapter 13, your bankruptcy filing can stay on your credit report for seven years.
Receive Legal Guidance and Support from Our Asheville Chapter 13 Bankruptcy Lawyers
You are worried about your debts and whether you’ll be able to pay your creditors on time. At this time, meeting with Asheville Chapter 13 bankruptcy attorneys can be beneficial. In your situation, your lawyer can help you determine whether Chapter 13 will work well for you and your family.
Farmer & Morris Law, PLLC, provides legal advice to those considering Chapter 13 bankruptcy. Our bankruptcy lawyers will approach your case with passion, focus, and a commitment to achieving the optimal outcome.
Throughout your bankruptcy case, expect us to provide honest guidance, maintain open communication, and make sure that our legal representation is ethical and trustworthy. Contact us today.
