Chapter 13 Bankruptcy
Protect what you need to protect.
Chapter 13 is an option for those who want to keep their property or have income that is too high for Chapter 7. It involves creating a repayment plan for some debt in order to have the rest forgiven. There is a debt cap in order to file Chapter 13, meaning your debts cannot exceed an amount predetermined by the court. These amounts change periodically, so speak with an attorney to see if this is the best option for you.
Bankruptcy is a federal protection.
It relieves you of financial obligations. When the walls of debt feel like they are closing in, it’s time to look for a lifeline. Of course, people do everything they can to avoid bankruptcy, but the reality is that life happens—for better or worse—and it is usually a sudden change in circumstances that leads people into debt, not just making bad financial decisions.
Bankruptcy
Chapter 13
The Debt Repayment Plan
Chapter 13 bankruptcy can be described as "reorganizing your debt" while getting to keep all your assets. Your finances get examined to determine how much you can afford to pay back over a payment plan of 3 to 5 years and the remainder of your debts will be discharged if all payments are made.
Back Taxes
Back Child/Spousal Support
Past Due Mortgage Payments
Past Due Car Payments
Bankruptcy protects you from harassing creditors and most debt collections. Once you have filed, creditors are not allowed to contact you. By the end of the process, any eligible debts should be discharged or eliminated, giving you a fresh start.
Together we will determine the best solution for you.
This is tricky terrain to navigate and the more information you have, the better your decisions will be. The team at Diment & Associates knows all the options and can help you get a fresh perspective on what you are really facing and how you can come out in the best position.
Chapter 13 Bankruptcy FAQ
Bankruptcy does have an immediate impact on your credit score. However, for many their access to credit is improved because the derogatory marks are removed.
A debt that no longer requires payment. After a debt is discharged, a creditor will not be able to make an attempt to collect a debt.
Discuss your concerns with one of our attorney's. Based on your situation, they will advise you on the best action plan. When you are ready to move forward, an agreement to retain council is completed. Once council is retained, you collect and submit statements of accounts and assets to our online portal and complete a credit counciling course. When you receive the certificate for completing the course, we can file a petition to the court. Then there is a meeting of creditors held by a court trustee to review and discuss the case. All parties are required to attend. Please note, our service is all inclusive, meaning there are no additional fees or charges you will incur for filing.
While bankruptcy will remove your obligation from many types of debt. It will not discharge federal student loans, court ordered alimony and child support, some taxes, new debt, fraudulent loans, or debts incurred from personal injury while driving intoxicated. Also important to note, the cosigner of the loan will still be legally obligated to pay all or part of the loan when you file.
Cases are filed in Federal Bankruptcy Court in the district where you have resided or maintained a principal place of business for 6 months. A transfer to another district is possible if it is deemed in the interest of justice or for convenience of parties.
There is alot of misinformation about bankruptcy online, but a good resource to learn more about the process is www.uscourts.gov
This site is maintained by the Administrative Office of the U.S. Courts on behalf of the federal Judiciary.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship. Please contact us for offical representation.
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