Discuss Debts with a Chapter 13 Bankruptcy Attorney in Maryland HeightsComments Off on Discuss Debts with a Chapter 13 Bankruptcy Attorney in Maryland Heights
You may have reached a point in your financial situation where it simply makes sense to file bankruptcy. While this is a hard decision, it does have some advantages. To determine if this is the best option for you, consult a Chapter 13 bankruptcy attorney in Maryland Heights.
What is Chapter 13 bankruptcy? Also known as a wage earner’s plan, this scenario involves the development of a program to repay a portion or all your debt over time. Your payment installments will last from 3-5 years, depending on your income.
Why is Chapter 13 an excellent choice when your debts become more than you can handle? This bankruptcy filing allows individuals to stop foreclosure proceedings, reschedule secured debts other than the primary mortgage and extend them over the length of the plan, protecting co-signers from consumer debts and having no direct contact with creditors during the program.
Who is eligible to file Chapter 13? Individuals whose unsecured debts are less than $394,725 and secured debts are less than $1,184,200. These amounts are subject to change according to the consumer price index.
How does Chapter 13 work? After completing a program of credit counseling with accompanying certification, a petition is filed with the bankruptcy court in the area of residence. Typically, you must also file documentation about your liabilities and assets, income and expenses, overall statement of your financial status, your last tax return and a list of executory contracts. The court charges fees for filing Chapter 13.
A trustee will be appointed to administer your case and will work with you and your Chapter 13 bankruptcy attorney in Maryland Heights. Contact Teague & Associates, LLC, at (314) 899-4499 to schedule a meeting with one of our expert litigators.