If you are working and earning regular income, but still find yourself unable to get ahead of your debt, there is hope—and help—available. Chapter 13 bankruptcy allows debtors to catch up on payments and stop foreclosures, repossessions, and wage garnishments while getting relief from their other debts.

If you are like most people who file for Chapter 13 bankruptcy, you are a hard worker—but that doesn’t mean you have to work your financial problems out alone. Lambert & Perry Law Firm, PLLC to learn about the options available to you.

Overview of Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also called “adjustment of debts” or “wage earner’s plan” involves creating a plan that allows you to repay a percentage of the debt you owe over three to five years. If you successfully complete payments over the course of the plan, your remaining debt covered by the plan will be discharged.

Our attorneys will work with you to set up a payment plan that you can afford and get the plan approved by the bankruptcy court. We will make sure your property and income are protected from creditors. In some cases, your monthly payments may even be lower in bankruptcy than they are now.

Stop Foreclosure and Vehicle Repossession

Chapter 13 bankruptcy might be a good choice for you if you are looking to stop foreclosure on a home or repossession of a vehicle. In a Chapter 13, you can catch up on missed payments over time through your payment plan.

The type of debt you have may also lead you to consider Chapter 13 bankruptcy. There are certain types of debt, such as some tax debts, that can be discharged under Chapter 13 but not under other chapters of the Bankruptcy Code. Also, if you have debt for which someone else co-signed, you may be able to protect your co-signer by continuing to make payments on the debt under a Chapter 13 plan.

Some people choose to file a Chapter 13 because their income makes them ineligible to file for a Chapter 7 bankruptcy. Most debtors with regular income will be eligible, but it is important to have a knowledgeable attorney to guide you through the process and make sure that you are able to complete your payments and protect your property.

Work with an Experienced Chapter 13 Bankruptcy Attorney

At Lambert & Perry, we offer free consultations so you can see how Chapter 13 Bankruptcy would benefit you and what your monthly payment would be. If you are considering a bankruptcy, or just want to learn more about your options, we can help! Contact us today to schedule a consultation.

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