You’re in debt—more than you can handle. But you’re not looking to wipe your debt away completely. If you can just restructure your payments, you know you’ll be able to get caught up and get back on track. If this describes you, Chapter 13 bankruptcy could likely be a good choice for you. Chapter 13 bankruptcy allows for the more gradual repayment of debts and a steady return to financial stability. Considering Chapter 13 bankruptcy in Spanish Fort? Working with the team at Padgett & Robertson can help you explore your options and avoid common mistakes. Call us at 251-336-3695 to set up a consultation now. While Chapter 7 bankruptcy eliminates most debts, Chapter 13 restructures them and makes the payments more affordable. One of the key benefits of Chapter 13 bankruptcy is that it allows you to protect assets from seizure while working towards a debt-free life. After identifying your debts, you create a repayment plan that lasts three to five years. Upon completion of that plan, your secured debts are up-to-date and any remaining unsecured debt is discharged. Who is Chapter 13 for? It’s generally recommended for those who have too much income or too many assets to qualify for Chapter 7 bankruptcy. This path gives individuals and couples the chance to reorganize their finances, get on a regular repayment schedule, and change how they look at their finances. Knowing the Chapter 13 process can help you feel more confident as you prepare for your free consultation. Here’s what to expect from this process:
While bankruptcy is available throughout the United States, bankruptcy laws do vary from state to state. Cases in Spanish Fort must follow the rules laid out by the United States Bankruptcy Court for the Southern District of Alabama. This court allows debtors who are regular employees, self-employed, or unincorporated business owners to apply for Chapter 13 bankruptcy. Your payment plan will be three years if your income is less than the median in Alabama, but it will be five years if your income exceeds the median. To have your bankruptcy granted, you will need to file a Certificate of Credit Counseling. You may wonder if exemptions are relevant in this type of bankruptcy. Your assets aren’t being seized to repay creditors, but they are still relevant in Chapter 13. Your assets do affect your monthly repayment plan, so it’s important to familiarize yourself with exemptions under Alabama state law. We know how complex and overwhelming the process of filing for bankruptcy can be—especially if you opt for Chapter 13 bankruptcy. While Chapter 7 bankruptcy is over fairly quickly, you are bound to a Chapter 13 plan for a minimum of three years. It is crucial that you discuss your plan with an attorney before moving forward. We’ll ensure that your plan meets the court’s requirements and is reasonable for your current income and financial obligations. Our team understands that everyone’s financial situation is unique, which is why we don’t give one-size-fits-all advice. We will look at your family’s financial needs and give you our professional advice. As we help you develop a customized repayment plan, we will work to create a plan that cost fulfills your obligations and gives you enough breathing room to provide for your family. Throughout this process, we handle all communication with creditors so they know about your bankruptcy filing and the automatic stay. Our goal is to limit your stress during this time and allow you to take a break from the harassment creditors often heap on debtors who are in over their heads. Throughout this process, we’ll stay in frequent contact with you and ensure prompt, complete answers to your questions. With our experience, informed advice, and professional guidance, we will help you get through this time with minimal stress and anxiety. The first step to financial freedom is a meeting with Padgett & Robertson. The sooner you connect with our Spanish Fort bankruptcy lawyers, the sooner you can become debt-free and get a fresh financial start. Set up your consultation now by reaching out online or calling us at 251-336-3695.Chapter 13 Bankruptcy Attorneys in Spanish Fort, AL
An Overview of Chapter 13 Bankruptcy
What to Expect When You Choose Chapter 13 Bankruptcy
Relevant Laws in Alabama
How Padgett & Robertson Can Help with Chapter 13
Discuss Your Bankruptcy Options with Padgett & Robertson Today
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4317 Downtowner Loop N.
Mobile, AL 36609
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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.”