Chapter 13 Bankruptcy

Chapter 13 bankruptcy protections can protect assets like your Dalton home from foreclosure or your car from repossession, if you are able to keep current on the payments after filing. Consult with an experienced Dalton bankruptcy attorney to find out how Chapter 13 bankruptcy can get you back to financial stability.

Chapter 13 Bankruptcy in Dalton

Chapter 13 Bankruptcy allows an individual to repay all or some of their debts under a 3 to 5 year bankruptcy repayment schedule. Unlike Chapter 7 bankruptcy, which forces a liquidation of all non-exempt personal property in order to clear you of all your unsecured debt, you don’t lose any personal belongings and Chapter 13 Bankruptcy will not automatically discharge debt.

It will, on the other hand, allow you to keep your car, home and other possessions if you can afford to pay for the items under the repayment plan. Filing for Chapter 13 Bankruptcy can stop home foreclosure proceedings, repossessions and end creditor calls and wage garnishments.

An individual is eligible to file for Chapter 13 Bankruptcy if their unsecured debt is less than $307,675 and their secured debt is less than $922,975. An individual must also have a consistent source of income to meet the requirements of the bankruptcy repayment schedule. If you have filed for bankruptcy in the last 180 days and your petition was dismissed by the bankruptcy court due to failure to follow court orders you will not be eligible for Chapter 13 Bankruptcy. Prior to filing for any type of bankruptcy an individual must also complete a credit counseling course.

Consult with a knowledgeable Dalton bankruptcy attorney for a free evaluation of your situation to determine if Chapter 13 bankruptcy is right for you.

How Does Chapter 13 Bankruptcy Work?

In Chapter 13 Bankruptcy, an individual will develop a bankruptcy repayment schedule and will make payments to a trustee. Debt will be prioritized and paid according to the plan that you and your attorney develop and submit to the bankruptcy trustee. Debt will not be discharged immediately, but will be discharged once all the payments have been made under the Chapter 13 plan.

Do I Need a Dalton, Georgia Bankruptcy Attorney?

Bankruptcy laws that went into effect in October 2005 increased the complexity of filing for personal bankruptcy. Many individuals who may have been eligible for Chapter 7 Bankruptcy before then may now be forced to repay all or some of their debt by filing Chapter 13 Bankruptcy.

Bankruptcy law is governed by federal laws and regulations and though it is possible to file for bankruptcy on your own, it is not recommended. Chapter 13 Bankruptcy can be extremely complicated. There are numerous court filings, paperwork and deadlines that your Dalton bankruptcy attorney can help you keep up with. A re-payment schedule must also be developed and completed.

If you need a bankruptcy attorney, one at the Dalton office of Berry and Associates will meet you for a free consultation to discuss your financial situation and determine if Chapter 13 Bankruptcy is right for you.

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