Chapter 13 Bankruptcy Lawyer in Richmond, Kentucky
For some people we work with, bankruptcy is a valid option but Chapter 7 “liquidation” is not possible. There are a variety of reasons why you might need to file Chapter 13 bankruptcy, which is sometimes called wage-earner bankruptcy. Please contact us to arrange a meeting with Susan B. Martin, Attorney at Law, and discuss your specific financial situation.
It is not uncommon for people with relatively high incomes or substantial assets to run into major financial difficulties. Causes can range from medical emergencies and divorce to failed investments and credit card debt. Often, people attempting to prevent foreclosure on their homes find themselves juggling other bills and falling too far behind to catch up.
What Is Chapter 13 Bankruptcy?
Unlike Chapter 7, a Chapter 13 bankruptcy continues under Court supervision for up to 60 months. A Chapter 13 bankruptcy provides a mechanism, called a Chapter 13 plan, for orderly payment of your debts during the plan period. Your Chapter 13 plan is administered and all funds are distributed through the Office of the Chapter 13 Trustee. Your Chapter 13 plan establishes a payment plan based upon your financial circumstances. The Plan is proposed and submitted by you. It must be approved by the United States Bankruptcy Court. Each plan is unique, based upon your personal financial situation. We are experienced in preparing Chapter 13 plans. We will work with you to submit the best plan for you.
A Legal Way To Deal With Tax Debt, Back Child Support and Some Mortgage Problems
Although it comes with important obligations, Chapter 13 bankruptcy can provide some debt relief, freedom from creditor harassment, a means of protecting certain assets and a manageable way to regain financial stability. Some of the situations we can address through Chapter 13 are:
- Debt relief for people whose incomes or assets exceed the limitations set for filing Chapter 7 bankruptcy
- Debt relief for people who have had a prior Chapter 7 bankruptcy
- Preventing wage garnishment or other adverse outcomes for people who owe significant amounts of priority debt — such as federal or state taxes, or child support or spousal maintenance in arrears
- A plan for catching up on missed mortgage payments
- A plan for paying for your vehicles
- A way to reform a mortgage or some other credit agreement that has acknowledged flaws
If Chapter 13 bankruptcy can help you, we will explain the steps and processes completely, in terms you can understand. We have extensive experience structuring plans that work, allowing people to gain some relief and handle obligations in an orderly way, over time. Please do not continue worrying and waiting for problems to get worse. For a free consultation and case evaluation, call 866-714-5924 or send us an e-mail today.
We are a Debt Relief Agency. We help people file for bankruptcy under the Bankruptcy Code.
