Can Chapter 13 Bankruptcy Help Clear Your Debt?
When you’re deeply in debt climbing your way out seems impossible. You want to pay back what you owe, but mounting financial pressures and the cost of ordinary living make paying off debts seem a far away dream
In these cases Filing for Chapter 13 bankruptcy can be the extra boost you need to start paying back debts and restore your good credit.
Riviere Advocacy Group LLC takes pride in helping individuals file for Chapter 13 bankruptcy and establish viable repayment plans for debts. As a qualified bankruptcy attorney and Chapter 13 attorney, Riviere Advocacy Group LLC has helped numerous debtors recover from their debt and return to living financially healthy lives.
We’ll help you with all the particulars and paperwork involved in establishing Chapter 13, including:
- Analyzing your debt
- Determine eligibility and gauge your income
- Establish your property end exemptions
- Complete and file all forms
- Represent you at hearings and help negotiate a payment plan with creditors
Beyond guiding you through the Chapter 13 process, Riviere Advocacy Group LLC will instruct you as to the best course of action. Chapter 13 isn’t for everyone, and there are numerous factors to consider. No matter your situation, you can always trust Riviere Advocacy Group LLC to provide honest legal counsel that helps with your debt.
- Mortgages or other loans they would like to bring current, so they do not lose their homes or other property
- Taxes, child support or student loans that can’t be wiped out by Chapter 7 bankruptcy
- Moral convictions that debts should be paid no matter how long it takes
- Flexibility; a Chapter 13 can be dismissed or converted to a Chapter 7 at any time by the debtor. You can modify a plan if income changes or you decide to give up a house or a car. You can refinance or sell a house during the plan.
- You can strip a wholly unsecured second mortgage; or the value a car if you’ve had it more than 910 days
- You can challenge the costs and additional charges added to the balance of your mortgage by the lender.
- Trustees want the plan to succeed and will work with you to get it confirmed.
- There are more debts that can be discharged including some divorce payments and damages for malicious and willful acts Your attorney’s fees can be spread out rather than all due before filing.
- When married a Chapter 13 can be filed for one spouse. This is also true of a Chapter 7 but there are advantages to the 13.
- You can avoid having to reaffirm a car in order to keep it.
- You can solve a tax problem or DSO (domestic support obligation) over the course of the plan, up to 60 months.
- You can stretch out your payments for a car or other secured debt over the course of the plan.
- You will not lose non-exempt property.
- Depending on your income (means test) a trustee can challenge a Chapter 7 filing; the trustee cant challenge a 13.
- The payment plan (Chapter 13 plan) is typically to be submitted within 15 days of filing the petition.
- Typically the first payment made in the plan, is made 30 days after the plan is submitted (regardless of whether the plan is approved).
- Usually between 20 and 40 days after you file your petition, the trustee will hold the “first meeting of creditors” (also called a “341” meeting ).You must be present for that meeting.
- A confirmation hearing will typically be held 20-45 days after the meeting of the creditors.
- Then, as previously mentioned, the Chapter 13 plan will have a life span of between 3 to 5 years.