Repayment Plans & Chapter 13 in Jonesboro
Millions of consumer debtors have found relief by filing for Chapter 13
bankruptcy. Contrary to popular belief, bankruptcy is not reserved for
unscrupulous individuals who cannot control their spending urges. From
a failed business venture to a serious and unexpected medical emergency,
debt and financial hardship can occur in numerous ways.
If you have an income but are unable to meet monthly payment requirements,
you may be eligible for Chapter 13 bankruptcy. For those who qualify,
Chapter 13 is a means of fulfilling debt obligations in a timeframe that
the debtor can manage. Through this process, the debtor is allowed to
present a repayment plan to the court and if the plan is accepted, all
other collection practices will cease and defer to the approved plan.
Who should file under Chapter 13 bankruptcy?
Chapter 13 is for debtors who have the annual income to meet debt obligations
but can only do so if given the opportunity to build a more manageable
repayment plan. This type of federal debt relief is not for everyone,
as it requires a debtor to have a household income that exceeds the state
median. Furthermore, there are limitations as to the amount and nature
of debt that will allow for Chapter 13 bankruptcy.
The current requirements are:
- Secured debts (tied to collateral or a valued item) must be under $1,149,525.
- Unsecured debt (credit cards, medical bills, etc.) must be under $383,175
For those who meet these requirements, Chapter 13 provides a chance to
repay some or all of what is owed over a timeframe of three to five years.
We are ready to stand by your side and walk you through the process of
filing for Chapter 13 bankruptcy. We would be happy to
determine your eligibility and figure out
if bankruptcy is the best solution for your situation.
Facing foreclosure or repossession? Chapter 13 could put a stop to the
process and help save your possessions.
Contact our firm today!
Once you are determined eligible under Chapter 13, your debt collectors
no longer get to decide what you pay—this is up to the bankruptcy
court. For this reason, having a Jonesboro bankruptcy attorney to represent
your interests could make all the difference in the outcome of your unique
Helping You Wipe Your Financial Slate Clean
It is our mission to help you face this significant obstacle and achieve
a fresh start after a time of financial crisis. With
over two decades of legal experience,
you can trust DeLoache Law Office to advance your interests skillfully and effectively. We understand the
difficulties you may be facing, and are here to answer your questions,
calm your fears, and fight to obtain the best possible outcome. You deserve
a life free of debt. You deserve to assert your right to a second chance.
Let us help you enjoy financial freedom -- starting today.
To learn more, call our Jonesboro office today and
schedule a free consultation.