End Harassment, Foreclosure, and Repossession Today
A successful petition for either Chapter 7 or Chapter 13 bankruptcy puts an automatic stay into effect. From the moment your bankruptcy is accepted by the courts, creditors and bill collectors are prevented from contacting you via phone, e-mail or letter. Foreclosure proceedings, repossessions and garnishments are also halted under the automatic stay, allowing you to focus on your bankruptcy rather than the distractions surrounding it.
Chapter 13 Bankruptcy
Answers and Guidance
Commonly referred to as a “wage-earner” bankruptcy, Chapter 13 allows for the creation of a debt repayment plan that gives you the opportunity to catch up on your financial obligations. The repayment plan lasts between 3-5 years and is designed to fit easily into your budget. After completion of all payments, any remaining unsecured debt is discharged, allowing you to begin rebuilding your financial standing.
At the law firm of Mitchell & Cunningham, P.C., our Chapter 13 bankruptcy lawyer, Kimberly Bowling, is committed to providing informative Chapter 13 understanding and guidance to individuals, families and businesses facing overwhelming debt. We work to answer any questions you may have on the Chapter 13 process, including:
- How does the Chapter 13 process work? We will work with you to create a repayment plan that fits into your budget. The repayment plan is then reviewed for approval by a federal bankruptcy judge.
- Will I lose my house or my car? Chapter 13 was specifically designed to help you catch up on your debts, including your mortgage or car loan payments. These payments can often be included in your repayment plan, allowing you to retain possession while you make your Chapter 13 payments.
- What are the costs associated with filing for Chapter 13? Surprisingly, the costs of filing for Chapter 13 are relatively minimal. Up front, you are only responsible for a set filing fee and the cost of the required credit counseling program. Any other fees can be factored into your Chapter 13 payment plan.
- What happens if I lose my job or experience an income change? A lot can happen in 3 to 5 years. Fortunately, if you experience a major life event that makes it difficult to keep up with your Chapter 13 payments, you may be able to adjust your repayment plan. It is important, however, to contact us immediately after a change in income, divorce, or loss of job.
- How does Chapter 13 impact foreclosure proceedings? In short, filing for Chapter 13 will put an immediate end to foreclosure proceedings. A filing will also end annoying calls from creditors and bill collectors, allowing you to focus on your future without the constant barrage of phone calls, e-mails, and letters.
- What debts can be factored into the repayment plan? Most debts can be factored into your repayment plan.
- How do I get started? The first step in filing your petition for Chapter 13 is to schedule a free consultation with our office. During this consultation you will be offered detailed insight into how Chapter 13 can benefit your unique financial situation and what you may be able to expect from the process going forward.