When you find yourself in a difficult financial situation, you may try weighing all the options. Perhaps you’ve tried paying your debt down and just can’t make any headway. You may be dealing with the loss of an income from a spouse, reduced wages at your job or simply have more debt than you can pay off on a normal pay period. That is where Chapter 13 bankruptcy comes in. It is important that you have a chapter 13 bankruptcy lawyer in Chesterfield review your case before you make your final decision on proceeding or not. Our firm here at Teague & Associates, LLC is ready to assist you with the process.
What is Chapter 13?
In basic terms, this filing is for those who are still earning a wage but need assistance in paying off their debt. You will find that you can work out a program, typically over the next three to five years, to repay the debt you owe. This is perfect for those who are struggling to make ends meet due to a medical diagnosis or a reduction in income. You could be earning a wage still but not be able to make the monthly payments as they are currently.
Will It Cover All Your Debt?
No. In reality, there are some types of debt that bankruptcy of any kind will not cover. Those types of debt include items such as alimony, child support, back taxes, or court costs. You will still be responsible for handling those payments on time.
Will You Keep Your Home?
In most cases, yes. This type of bankruptcy helps to stop any foreclosure proceedings you may be facing. However, you must make all mortgage payments on time or it could result in a problem down the road.
If you’re in need of a chapter 13 bankruptcy lawyer in Chesterfield, call our firm today at (314) 899-4499 to set up your free consultation.