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When you're considering filing for bankruptcy, it is important to fully understand your options in order to choose the course of action that best suits your situation and your needs.
At the law office of Lee Norton Bain, Attorney at Law, our staff is dedicated to helping clients get the debt relief they need through Chapter 7 and Chapter 13 consumer bankruptcy.
Attorney Lee Bain has been handling bankruptcy cases for years and prides himself on easing the stress that financial issues can cause for our clients. Contact us today for a free 30-minute consultation to learn more about Chapter 13 bankruptcy and how it could help you.
Chapter 13 is known as a "wage earner plan" or "repayment plan" because it involves repaying at least a portion of your debts. Chapter 13 can be more flexible in allowing you to keep some assets, and it can have a less detrimental effect on your credit than Chapter 7. Chapter 13 is also the option for people who do not qualify for Chapter 7.
We begin the process by collecting information about all of your existing debts and determining which ones are eligible for bankruptcy. Not all debts can be discharged in bankruptcy, but most people find that all or the vast majority of their debts qualify.
Next, we present a three- to five-year repayment plan to the bankruptcy court. You will have to show that you have a source of income that will allow you to make the payments.
Some of the debts that are often consolidated throughout the course of a Chapter 13 bankruptcy include back mortgage payments, balances on vehicle loans, medical bills and credit card debt.
The difference between the Chapter 13 bankruptcy repayment plan and repaying your debts on your own is this: in the bankruptcy plan, your payments are based on what you can afford. Once you've made all the plan payments, any remaining money you would have owed is discharged.
Many families facing bankruptcy are also dealing with the possibility of foreclosure on their homes. You may be able to keep your home by filing for Chapter 13 bankruptcy protection. We can guide clients through the bankruptcy filing and explain how it may prevent or stop a foreclosure.
Contact Georgetown Chapter 13 bankruptcy attorney Lee Bain today. During your free 30-minute initial consultation, he will explain your options and help you decide whether Chapter 13 bankruptcy is in your best interest.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Copyright © 2010 by Lee Norton Bain Attorney at Law. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.