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Chapter 13

What is a Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy is a form of personal bankruptcy that involves full or partial repayment of your debts, depending on what you can afford. A Chapter 13 bankruptcy lasts from three to five years. During that time, you make monthly payments to a Chapter 13 bankruptcy trustee, who takes those payments and pays everyone you owe money to based on a plan you file with the Court.

Many complicated calculations are involved in determining what the monthly payment amount in your Chapter 13 bankruptcy will be, so it’s important to work with an experienced bankruptcy attorney like Lauren Powell at Powell Law Offices, P.C. when doing those calculations.

How is Chapter 13 Bankruptcy Helpful?

Chapter 13 bankruptcy can provide debt relief. For those who make too much money to file a Chapter 7 bankruptcy, or those who wish to repay some or all of their debts, Chapter 13 bankruptcy can be an effective tool to assist you in reorganizing your finances. Chapter 13 bankruptcy stops all creditor action against you the bankruptcy is filed, and can help with repayment of the following:

  • Monthly mortgage payments
  • Monthly car loan payments
  • Student Loans
  • Income Taxes
  • Child Support
  • Credit Card Debt
  • Personal Loans
  • Business Debt
  • Property Taxes
  • Medical Bills

Chapter 13 provides some flexibility as well. At Powell Law Offices, P.C., we actively monitor our clients’ Chapter 13 cases and are ready to assist our clients when life happens and the client’s repayment plan needs to be modified or changed in some way. Additionally, some clients choose not to remain in the Chapter 13 bankruptcy for the entire three to five years. Whatever the situation, Attorney Lauren Powell and her team are ready to help.

What Property can I Keep if I File Chapter 13 Bankruptcy?

As long as you are able to pay enough on your debts through your Chapter 13 bankruptcy, you can keep everything you own. The bankruptcy law is very specific on how your monthly Chapter 13 payments are calculated in relation to the property you own and want to keep. Attorney Lauren Powell can analyze your situation, the value of your property, and advise you on your payment plan in a Chapter 13 bankruptcy.

We are Here to Help

We know financial issues are stressful. Attorney Lauren Powell is Nationally Board Certified in Consumer Bankruptcy through the American Board of Certification and has been helping individuals and business owners take control of their finances for more than 15 years. We understand the strain you may be under, especially if you are unsure how to appropriately handle these issues. Together, we will work to find a way to help you so that you can move forward.