Understanding Chapter 13 Bankruptcy

Reorganize Your Debt and Secure Your Financial Future

Chapter 13 bankruptcy offers a structured plan to manage your debts while protecting your assets. Learn how you can regain control of your finances through a manageable repayment plan.

Eligibility Criteria

Are You Eligible for Chapter 13 Bankruptcy?

The Chapter 13 Process

Navigating Chapter 13 Bankruptcy

Chapter 13 bankruptcy involves committing to a court-approved repayment plan. You will make monthly payments to a trustee, who will distribute the funds to your creditors. The size of your payments will be based on your current disposable income, ensuring that you only pay what you can afford.

The Chapter 13 process includes filing a bankruptcy petition, submitting detailed financial documentation, and proposing a repayment plan. You will need to make consistent monthly payments and attend a meeting of creditors. Upon successful completion of the plan, you may receive a discharge of remaining eligible debts.

Prevent Foreclosure

Chapter 13 Bankruptcy: A Lifeline for Homeowners

Chapter 13 bankruptcy can be a powerful tool for homeowners facing foreclosure. By reorganizing your debts and creating a manageable repayment plan, you can halt foreclosure proceedings and keep your home. This legal process allows you to catch up on missed mortgage payments over time, providing the breathing room needed to regain financial stability. Our experienced attorneys can guide you through every step, ensuring you understand your rights and options.

If you have fallen behind on your mortgage payments, Chapter 13 bankruptcy offers a structured way to address your financial challenges. By proposing a repayment plan to the court, you can spread out your missed payments over three to five years, making it easier to stay on track. This process not only stops foreclosure but also protects your home from being sold, giving you a chance to recover and rebuild your finances.

Secure Your Home

Filing the Bankruptcy Petition

The first step in a Chapter 13 bankruptcy is filing the bankruptcy petition. This must be done before any scheduled foreclosure sale to halt the process. Once filed, an automatic stay is issued, preventing creditors from continuing collection actions, including foreclosure.

Submitting Financial Documentation

Next, you will need to file schedules and statements of financial affairs along with your Chapter 13 plan. This documentation provides a detailed overview of your financial situation and outlines your proposed repayment plan, which typically spans three to five years.

Commencing Payments

Within 30 days of filing your petition, you must begin making the monthly payments outlined in your proposed plan. These payments are crucial for the court’s approval of your plan and must be maintained consistently.

Complete the Bankruptcy Intake Form

Click here to complete the Bankruptcy Intake Form.

Take Control of Your Financial Future

Don’t wait until it’s too late. Schedule an initial consultation with our experienced Chapter 13 bankruptcy attorneys to explore your options and find out if this path is right for you. Contact us online or call (301) 891-8485 today. Same-day appointments are available to provide you with the timely assistance you need.