Chapter 13 Bankruptcy
Many people are stuck with trying to catch up with their debts, but they cannot seem to get ahead. Many times, people are sacrificing eating food and other necessities to keep up with a house or car payment. Some people are even using their credit cards to pay on other credit cards, and they are digging themselves deeper into debt. As a Columbus, Ohio bankruptcy attorney, I have the experience to provide you the help you need to get control of your life again.
A Chapter 13 bankruptcy helps you repay some of your debts. In a Chapter 13 bankruptcy, you are allowed a reasonable amount of living expenses, and you pay back only a portion of your debt in the Chapter 13 bankruptcy plan, depending on your disposable (or left over) income in the bankruptcy.
How Chapter 13 Bankruptcy Works
A Chapter 13 bankruptcy involves the repayment of a portion of your debt over 3 to 5 years. For all practical purposes, a Chapter 13 bankruptcy is commonly known as the debt repayment plan.
A bankruptcy debtor is a person filing for Chapter 13 bankruptcy, and the Chapter 13 bankruptcy case is administered in court through the bankruptcy trust. A Chapter 13 bankruptcy trustee is appointed on behalf of the debtor's creditors to administer the Chapter 13 bankruptcy case, investigate, and recover any assets (like real estate, automobiles, clothing, jewelry, and other assets) for the debtor's creditors. In a Chapter 13 bankruptcy plan, the bankruptcy debtor needs to account for all the equity available in the bankruptcy estate and repay that amount of equity in the best interest of the creditors.
When a debtor files a Chapter 13 bankruptcy, the bankruptcy debtor agrees to repay a portion of the debts that they owe in a bankruptcy. This bankruptcy repayment plan includes all unsecured and secured debts that are owed in the bankruptcy, including taxes, child support, credit cards, and other bills. The main advantage of a Chapter 13 bankruptcy is the bankruptcy debtor is able to catch up their car or house payments through the Chapter 13 bankruptcy plan.
When a person files a Chapter 13 bankruptcy, they are protected under federal law by a federal bankruptcy stay order. This Chapter 13 bankruptcy stay order has the effect of stopping all state law proceedings, including any lawsuits or collection efforts.
In my free initial consultation, I assess what is going on with a client and determine if I can help them with a Chapter 13 bankruptcy. My bankruptcy fees are based on the complexity of the case, but I try to competitively price my bankruptcy fees in a reasonable, affordable, and efficient way. Please call me to set up a free initial consultation to learn about bankruptcy:
(614) 445-3000
I look forward to hearing from you.
