How Can a Chapter 13 Bankruptcy Case Help Me?
Unlike a Chapter 7 case, a Chapter 13 bankruptcy case is a reorganization bankruptcy. It allows a debtor to propose a bankruptcy plan that reorganizes his or her debts into something that is more manageable based on the debtor’s current income. After filing a Chapter 13 bankruptcy case, the only thing that we hear our clients say is that they regret waiting so long to file for bankruptcy relief. A Chapter 13 bankruptcy case allows you to move on with your life by reducing your debt to a payment you can afford.
Because of the bankruptcy plan, a Chapter 13 bankruptcy case is often referred to as a “repayment plan” because the debtor pays back some of his or her debts over a 36 to 60 month plan. Your bankruptcy plan is based on what you can afford to pay; however, a bankruptcy plan is not as easy to calculate as subtracting your expenses from your income.
For this reason, you want an experienced Atlanta bankruptcy attorney who understands how to calculate a Chapter 13 plan that complies with bankruptcy law but that also results in the lowest possible payment based on your circumstances.
How Do I File a Chapter 13 Bankruptcy Case?
The very first thing you need to do is call our office for a free bankruptcy consultation. Our experienced bankruptcy attorney meets with you to discuss your specific financial situation and the problems you are facing. In most cases, a Chapter 13 case can save your home from foreclosure, stop vehicle repossessions, stop debt collection lawsuits, prevent wage garnishments, and stop creditor harassment. Just learning this during your bankruptcy consultation is a huge relief.
If you decide to file a Chapter 13 bankruptcy case, our skilled staff works with you to gather the information we need to complete your bankruptcy forms. We do not send you home with a stack of complicated forms to complete — that is our job. We will need you to provide some copies of documents and some information we cannot access without your help; however, we will be with you ever step to make the process as simple and quick as possible.
Once we have your forms completed for review, you meet with your bankruptcy attorney to review each documents to verify accuracy and completeness before it is filed with the court. This is a very important step that some attorneys rush through. We take our time because we want your forms filed correctly the first time to avoid delays and potential problems in your Chapter 13 case.
You will have two hearings to attend in your Chapter 13 case. The first is the 341 Meeting of Creditors with the Chapter 13 Trustee and the second is your Confirmation Hearing with the judge. In most cases, you are not required to testify or answer questions during your Confirmation Hearing. Our attorneys and staff work diligently to take care of any issues pending before the Confirmation Hearing so we can get your plan confirmed.
What Happens After My Plan is Confirmed?
The rest is simple — make your Chapter 13 payments to the trustee and keep any other payments required outside of the plan current (usually just your mortgage). When your plan is completed, you will receive a discharge. Any debt discharged in the bankruptcy will be gone forever, including the remaining balances of any unsecured debts that are discharged (i.e. credit cards, medical bills, pay day loans, etc.). Most debtors only pay pennies on the dollar to unsecured creditors — the rest of the debt is discharged at the end of your case tax free!
Are You Ready to Take Control of Your Finances Again?
You can have a fresh start and build a better financial future for you and for your family. A Chapter 13 bankruptcy case may be the answer to your debt problems. Contact The Ballard Law Group online or by calling 404-220-9906 for your free bankruptcy consultation. Your fresh start on a better financial path is just a few steps away.