Being in debt is highly stressful but there are paths to debt relief that can relieve your financial anxiety. The skillful attorneys at Tucker Griffin Barnes in Charlottesville have a long track record of helping Virginians out of difficult financial situations. When you are faced with overwhelming debt, we can determine the best path to relief for your situation, including whether a Chapter 13 bankruptcy filing is the best option or if there are other choices that may be more beneficial.
Chapter 13 bankruptcy is different from Chapter 7 because instead of discharging debt, it establishes a repayment plan under terms that fit the filer’s income and expenses. Chapter 13 also allows people to keep their property, which makes it an advantageous option for many people. Through this process, you can develop a plan to pay back debt over a period running from three to five years. Debts that can be included in a Chapter 13 filing include both unsecured debt such as credit cards and medical bills and secured debt including mortgages and car payments. Our astute attorneys can help you develop a repayment plan that should be accepted by the bankruptcy court and allows you to move ahead with your life.
To qualify for Chapter 13, you must show that you have the means to repay your debt under the revised terms, which can include changes to debt balances, interest rates and length-of-payment terms. You will need to prove you have regular income and disclose the sources of that income. Income can come from a job, pension, Social Security and other sources. You must also be current on your state and federal tax filings. When we meet with you, we will carefully review your situation to determine if you qualify for Chapter 13. If you do, we will advise you throughout the filing process.
After filing the initial Chapter 13 bankruptcy petition with the court, you must submit your repayment plan that includes all of your income, creditor and other information. Your plan must show in great detail exactly how much you will pay to each creditor and on what schedule. It must be submitted within 14 days of the petition filing. A bankruptcy judge or trustee will review your plan to be sure it meets the requirements of the bankruptcy code. Filing Chapter 13 can be complex, but we will be at your side during the entire process to guide you through and help ensure your plan is approved.
At Tucker Griffin Barnes, we assist Virginia clients who are filing for Chapter 13 bankruptcy so they can reorganize and pay back their debt obligations. We have three offices conveniently located in Charlottesville, Palmyra (Across from Food Lion), and Harrisonburg. To schedule a free consultation, call our firm at 434-973-7474 or contact us online.
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