Chapter 13 Bankruptcy is a type of bankruptcy that allows those who are struggling to pay their debts to seek relief from the bankruptcy courts. If you are in the St. Tammany Parish, Louisiana area and are facing home foreclosure, enlist the help of an experienced Chapter 13 bankruptcy attorney to help halt the process. Thousands of individuals file for relief under Chapter 13 protection every month, which allows them to keep their cars, homes and other prized possessions while still working to deal with their creditors.
If you are struggling to pay your regular monthly bills and you need help, filing for Chapter 13 bankruptcy relief may be able to help you reorganize your debts into a monthly payment that you can afford.
Unlike a traditional Chapter 7 bankruptcy, Chapter 13 doesn’t involve any means test to qualify. Chapter 13 goes over your ability to repay all of your secured debts as a means of qualifying. You will need a predictable income source that you can use for repaying all of the debts to the court trustee. Filing for relief under Chapter 13 limits you on the amount of unsecured and secured debt you are allowed to have.
Millions turn to bankruptcy to help them eliminate debt, protect their property that they have worked so hard for and get their finances back on track.
Repayment Plan under Chapter 13 Bankruptcy
For those who are dealing with a short-term financial setback like illness, job loss or an unexpected expense, Chapter 13 may be the perfect solution to end your problems. If you have fallen behind on your regular monthly bills and you have regular income, a Chapter 13 bankruptcy may provide you with the space you need to keep your property and get your finances back under control. Many people who are looking to avoid a repossession or halt foreclosures will turn to Chapter 13 bankruptcy because it provides them a means to catch up on all of the past due payments over a three to five year span while keeping all of the current payments on time.
Once an individual files for relief under Chapter 13 bankruptcy, they will receive an automatic stay protection, which prevents creditors from trying to collect on their accounts. Legal action will cease and phone calls will be eliminated. Foreclosures, wage garnishments, lawsuits and repossessions are all put on hold thanks to the stay put in place from the bankruptcy court.
Pre-Filing Requirements for Chapter 13 Bankruptcy
As of October 2005, all bankruptcy petitioners will need to complete an approved counseling briefing. When your case is filed, the certificate will be included with the petition for bankruptcy relief. A petition that does not include this certificate will be dismissed, so it is a vital component of your case. This can pose serious consequences for your case because the creditors will have an opportunity to take action against you and move forward with a repossession or foreclosure.
Pre-Discharge Requirements to be met
Beyond making regular payments on your bankruptcy case, you will also need to complete a financial management course before the trustee will grant your discharge. All of this information will be provided for you through The De Leo Law Firm, LLC located in Mandeville, Louisiana. You have the ability to take control of your future today with one of our dedicated professionals.
Call our office today at (985) 727-1664 to set up an appointment. You may also contact us through our website contact form and we will respond to your inquiry.