Chapter 13 Bankruptcy Attorneys in Chatham County
Chapter 13 bankruptcy protection allows people with significant financial difficulties to reorganize their finances, establish a repayment plan, and discharge certain debts. Filing for Chapter 13 will stop foreclosure or repossession o you can address your debt over time without losing your assets.
You will not face action from debt collectors throughout your repayment plan, which can be up to five years. This arrangement can give you the time and space you need to recover your financial stability.
If you are considering filing for Chapter 13, speak to bankruptcy attorneys at Sasser Law Firm. The firm has filed over 10,000 cases for individuals and businesses, helping people like you regain financial stability. We aren’t afraid to take on the tough cases – including clients facing emergencies – and we generally do not charge upfront fees or cost for Chapter 13 but rather collect through trustee disbursements.
Ready to get started? Then contact us today for a free consultation with one of our attorneys.
How Much Does It Cost to File Chapter 13 in NC?
Our firm does not generally require any upfront fees or costs. We advance the $313 filing fee to the court along with the $25.00 credit counseling fee. Our attorney fee of $6,500.00 along with the filing fee and credit counseling fee is included in the plan payments.
Trying to file Chapter 13 on your own can be challenging. The attorneys at Sasser Law Firm work exclusively on bankruptcy cases and will use their skills and experience and resources in relation to your case.
Can You Pay Off Chapter 13 Early in EDNC?
There are times when it is possible to pay a plan off early but it is very fact specific and you would want to address that with your attorney. Even if it is sometimes possible it is quite possibly not in your best interest.
Should I Sell My Residence During the Chapter 13 Case?
Chapter 13 plans last for up to five years and life circumstances such as marriage, divorce, job relocation, and family commitments can arise that make a house sale necessary or desirable. That said, all other things being equal, it is often preferable to not seek to sell your home during chapter 13.
How Many Payments Can You Miss in Chapter 13?
Falling behind on your Chapter 13 payments can allow your trustee or a creditor to file a Motion to Dismiss. If the court grants this motion, your bankruptcy case will be dismissed. Some common approaches that are considered if a Motion to Dismiss are filed would be: Seek a cure term
- Modify the plan
- Convert to Chapter 7 bankruptcy
- Allow dismissal and file a new case
- Allow dismissal and do not file a new case
- Seek a hardship discharge
Do You Have to Pay Back All Debt in Chapter 13?
Your obligation to pay back debts in Chapter 13 will depend on the types of claims against you. These fall into three different categories:
- Priority claims – The court gives priority claims special status. These debts include taxes, bankruptcy filing fees, child support, and alimony. Your plan will generally need to pay off these claims fully.
- Secured claims – Secured claims allow creditors to take control of collateral if you do not pay them off. These debts include home mortgages and auto loans. To keep your collateral, you will likely have to pay the creditor at least the value of the collateral property. If you get caught up during your repayment plan, you can continue to pay based on the original payment terms. Failure to make up late payments may result in the loss of your assets.
- Unsecured claims – Unsecured claims are not tied to collateral. Creditors cannot take anything from you if you do not pay these debts. They include credit card debt, medical debt, and payday loans. The amount paid back on these claims is a function of your non-exempt assets and disposable income. Repayment amounts can range from 0%-105%.
Chapter 13 Closing Process
The final steps of your Chapter 13 include:
- The Debtor must take a financial management course if they have not yet done so.
- The Debtor must verify that he or she does not owe delinquent domestic support
Chapter 13 is a process that has some nuances and pitfalls and is not fully predictable. The attorneys at Sasser Law Firm may be able to help.
What Qualifies You for Chapter 13?
To qualify for Chapter 13 bankruptcy:
- You must have a source of income.
- You must not have debts exceeding a certain, regularly adjusted limit.
- You cannot have had a bankruptcy petition dismissed for certain reasons within the past 180 days.
If you are unsure whether you qualify, speak to the experienced Chapter 13 bankruptcy lawyers at Sasser Law Firm. Our dedicated team can advise you on whether you should file for Chapter 13 or consider other debt-relief options. Contact us today for a free consultation to learn more about how we can help you.
