Getting Debt Under Control With Chapter 13
Under a Chapter 13 bankruptcy filing, individuals and businesses facing financial complications develop payment plans that can help them retain their most valuable assets.
This plan will say that over three to five years — during which interest will stop accumulating on credit cards — the debtor will make regular payments to a bankruptcy trustee, who will then parcel out the payments to creditors.
Is This The Best Plan For You?
Under Chapter 13, you can keep most of your property as long as you make your payments in a timely manner. And once you complete your plan, most of your debts will be discharged.
The law was changed in 2005 to require everyone to examine what sort of income they have received during the previous six months before bankruptcy to see whether average monthly income over that time period is below or in excess of the median income for a household your size. If you are an “above median” debtor, there may be some problem areas.
Such filings are complex. You will need an experienced bankruptcy lawyer to see you through the process. We invite you to call the lawyers at Coates & Davenport, P.C., at 804-729-5537 or to contact us via our online form.
For more information about Chapter 13, consult our Bankruptcy Basics page.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.