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4317 Downtowner Loop N.•Mobile, AL 36609

Padgett & Robertson

Call for a FREE Consultation: (800) 303-1416

Local Number: (251) 342-0264

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Foley, AL Chapter 13 Bankruptcy Attorneys

 If you feel like you’re drowning in debt, struggling to make ends meet, and unable to see a future without debt, bankruptcy may be the option for you. While Chapter 7 bankruptcy may be the more commonly used option, it isn’t available to everyone. For those above a certain income level, Chapter 13 bankruptcy may be the best and only option.

Ready to find out if bankruptcy can help you start over and get your finances in order? Let’s sit down and talk. Call Padgett & Robertson at 800-303-1416 to set up a time to talk to our Foley, AL Chapter 13 bankruptcy lawyers.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy strives to help consumers like you manage and pay down their debts. It’s structured very differently than Chapter 7 bankruptcy in that it doesn’t eliminate all of your debt. It restructures your secured debt, pays off some of your unsecured debt, and discharges the rest of your unsecured debt. As part of the process, you will consolidate your debts into one monthly payment. This covers your secured debts and a portion of your unsecured debts, although some consumers do not pay anything on their unsecured debts.

Through Chapter 13 bankruptcy, you can keep your property, create a more realistic plan to get your finances back on track and learn to live within a more reasonable budget.

Benefits of Chapter 13 Bankruptcy

Those who choose Chapter 13 enjoy a wide range of benefits, including:

  • A realistic repayment plan: If you’re at this point, your current repayment schedule likely doesn’t leave you enough to feed your family, put gas in the cars, and cover your other bills. Chapter 13 bankruptcy doesn’t wipe away your debts, but it does provide a more practical repayment schedule.
  • Keeping your assets: Since you continue to make payments on secured debts, you can keep assets like your home and vehicles.
  • Protection of non-exempt assets: While Alabama does have a generous list of exempt assets that you can use to protect assets from seizure, you may still have assets that are non-exempt. By rolling the value of these assets into your payment plan, you may be able to keep them.
  • Discharge of unsecured debts: At the end of your three-to-five-year repayment plan, any qualifying debts that have not been paid off are discharged. This generally includes unsecured debt like credit cards, medical bills, and personal loans.
  • Protection of cosigners: The co-debtor stay included in Chapter 13 bankruptcy protects your cosigners from collection activity. As long as the debtor continues to make their scheduled payments, the cosigner doesn’t have to worry about being chased down for payments.
  • Decreased monthly payments: Because your secured debt payments are spread out over three to five years, you may see a significant decrease in monthly payments. This should give you more room to breathe into your budget.
  • Credit rebuilding: While your credit may initially dip because of your bankruptcy filing, you can rebuild it over the years by making your payments on a timely basis.

The Bankruptcy Process

When you first meet with the Foley, AL bankruptcy attorneys at Padgett & Robertson, we’ll take a look at your finances, evaluate your current situation, and help you understand your financial options. We’ll explain the benefits and limitations of Chapter 13, as well as tell you whether or not you qualify. Prior to filing, you must also take a pre-filing course.

If you qualify and you decide Chapter 13 bankruptcy is the best option for you, we’ll move ahead with your paperwork and documentation. Bankruptcy involves a substantial amount of paperwork, so don’t rush this step. You’ll need to create a payment proposal that outlines exactly how you will repay your creditors. Within 30 days of submitting this plan, you must start making payments as if the plan were accepted—even if it has not yet been approved.

From there, you’ll attend the meeting of creditors. At this meeting, your bankruptcy trustee will ask you questions about your repayment plan, the terms of the plan, your finances, and other matters related to your bankruptcy. Shortly after that, the judge will determine whether or not the plan is reasonable, meets the terms required for a Chapter 13 repayment plan, and is sustainable for you over the full repayment period. While the creditors may object to the repayment plan or bring up concerns, they can’t do anything if the court approves it.

After the plan is approved, you make payments as scheduled until the full repayment schedule is complete. At that point, any remaining unsecured debts are discharged, and your Chapter 13 bankruptcy is complete.

How Padgett & Robertson Can Help You

At Padgett & Robertson, we understand how confusing and overwhelming your financial options may be when debt has taken over your life. On one side, you have people telling you to keep making payments and slog through; on the other, you have people suggesting complicated debt repayment strategies. But there is another option: bankruptcy. If you meet the financial requirements for Chapter 13 bankruptcy, we’ll help you get your finances under control and give you room to breathe.

There is an enormous amount of documentation required for this type of bankruptcy, and when you choose us, you can rest easy knowing that everything will be done accurately, completely, and well in advance of deadlines. You have a job, kids to raise, and other obligations to take care of—the last thing you need is dozens of pages of bankruptcy forms and procedures.

At each step of the way, we’ll explain the current timeline, what the current step means, and what’s coming next. Our goal is to help you feel supported, informed, and involved throughout the entire process.

Contact Our Firm Today to Start Your Claim

Find out if Chapter 13 bankruptcy is the key to a fresh financial start. Contact the team at Padgett & Robertson now to set up a time to talk about your bankruptcy options. Just give us a call at 800-303-1416 or send us a message online to schedule your consultation.

Padgett & Robertson

4317 Downtowner Loop N.
Mobile, AL 36609
Toll Free: (800) 303-1416
Phone: (251) 342-0264
Email

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Since 1978, the attorneys at Padgett and Robertson have represented clients in Mobile, Alabama and throughout Southern Alabama with bankruptcy matters including personal bankruptcy, Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Contact our Mobile AL Bankruptcy Lawyers with your questions comments or concerns. We offer a free consultation for clients who want to discuss their bankruptcy related matters.

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4317 Downtowner Loop N.
Mobile, AL 36609
Toll Free: (800) 303-1416
Phone: (251) 342-0264
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Alabama State Bar Association Regulations require the following: “No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.” 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”

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A Message from Padgett & Robertson Regarding the COVID-19 Pandemic

During these difficult times your health and safety is a top priority. Your FREE CONSULTATION can be held in person or by telephone.

Our clients pay NO UPFRONT attorney or filing fees for Chapter 13 cases and we offer reasonable payment plans for Chapter 7 cases.