Reorganizing Debt Into Manageable Payments
If you are in overwhelming debt but still have some income, Chapter 13 bankruptcy may be a good option for you. Chapter 13 was created as an option for people who have enough income to pay some of their debts back, but still need the financial relief bankruptcy offers. People who choose Chapter 13 generally earn too much to qualify for Chapter 7, but are still overwhelmed by debt. Often, they are people who want to protect their family homes from foreclosure or their vehicles from repossession.
At The Law Office of David R. Clark, LLC, we can help you file for Chapter 13 bankruptcy. To do so, we use in-depth legal knowledge and years of experience. Having represented many people in bankruptcy and foreclosure defense cases, our Prattville Chapter 13 bankruptcy attorney, David R. Clark, has a record of obtaining great results for clients.
How Chapter 13 Bankruptcy Works
Instead of liquidating your assets in order to pay off the debt like in Chapter 7 bankruptcy, Chapter 13 bankruptcy gives you the opportunity to reorganize your debts into manageable payments, usually paid over the course of three to five years.
Before you begin, your payment plan will be reviewed and approved by the court based on your ability to pay. You will also be required to participate in a credit counseling and financial management program. After you have made the required payments, however, your debts will be wiped clean.
You can get caught up on mortgage payments, car payments and back taxes with this form of bankruptcy. Credit cards, medical bill debt and payday loans can also be eliminated in Chapter 13. Filing for Chapter 13 also creates an "automatic stay," which immediately stops foreclosure, wage garnishment or repossession when your bankruptcy is filed with the court.
Contact The Law Office of David R. Clark, LLC
If you are considering Chapter 13 bankruptcy and have questions about where to start, contact a lawyer today and find out how we can help you. Contact The Law Office of David R. Clark, LLC, today to set up your initial consultation with a Montgomery debt payment plan attorney. You can reach attorney David R. Clark and staff at our Prattville, Alabama, office at 334-730-4271 or toll free at 877-784-7681, or by contacting us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
