Why File for Chapter 13 Bankruptcy? There are Good Reasons

Are you facing foreclosure? Is difficult debt overwhelming your life? Have you realized that without help you may not be able to get out of debt even though you are still earning income? Is it time to make the smart decision to learn more about what options are available to help you get out from under the weight of all that debt?

Chapter 13 may be the right option for your situation. Schedule an appointment to discuss your circumstances with attorney Christopher Kerney.

What Are The Key Benefits Of Chapter 13?

There are two key benefits to Chapter 13:

  • Automatic stay — When you file for Chapter 13 protection, creditors and debt collectors must cease all collection activities immediately. This means that repossession, garnishments, phone calls, mail and even foreclosure proceedings must stop. This gives people time to work through the bankruptcy process and deal with specific debts with the trustee.
  • Repayment plan — Over the course of three to five years, you will make monthly payments to the trustee who will make payments to your creditors to help pay down your debts. The monthly payment will be based on what you can actually pay. At the end of the plan, all of your debts are considered "paid in full" even though your creditors may have received less than the full amount of what they were owed.

When Is Chapter 13 A Good Option?

A Chapter 13 bankruptcy may be a good option for you in the following situations:

  • You own property worth much more than what you currently owe on it (such as a car worth $10,000 with $2,000 left to pay) and you wish to keep the property.
  • You are behind on a debt where the creditor has a lien on some property that you want to keep.
  • You own property that you want to keep, such as a car, but the payments are too large.
  • You missed child support payments.
  • While most income taxes cannot be eliminated in Chapter 7 or a Chapter 13 bankruptcy, in a Chapter 13 bankruptcy the back taxes can be repaid over time.

Focused Exclusively On Bankruptcy

Christopher Kerney's job as a bankruptcy attorney is to take an in-depth look at your overall situation and provide you with the information you need so that you can make an educated decision about whether to file for bankruptcy, and what type of bankruptcy to file. After you decide, we'll take care of everything else.

For more information about how bankruptcy can help you, please review our FAQ page.

Chapter 13 Bankruptcy Attorney Serving Gallatin And The Surrounding Areas

You deserve a fresh start. We can help you make the most of the protections offered by Chapter 13. To schedule a free initial consultation, call 615-206-3004 or contact us online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.