Missouri Bankruptcy Attorneys Providing a Fresh Start

Experienced Chapter 13 Lawyers providing solutions

Chapter 13 Bankruptcy is a type of bankruptcy that allows a debtor to engage in a financial reorganization supervised by a federal bankruptcy court. Usually, people who are facing a foreclosure or that can afford to pay their “disposable income” to their creditors for between three to five years choose to file a Chapter 13 bankruptcy. Furthermore, people with substantial non-exempt property (that would be liquidated in a Chapter 7 bankruptcy) also can benefit from filing a Chapter 13 bankruptcy and keep their non-exempt assets.

Chapter 13 Bankruptcy Information

People in debt usually can choose to file either a Chapter 7 or a Chapter 13 bankruptcy. One reason a person may not be able to file under Chapter 13 is because the debtor does not have the requisite disposable income to file under Chapter 13. Also, the federal government has set limits for the amount and type of debt (secured or unsecured)that an individual seeking to file bankruptcy under Chapter 13 may have.

In a Chapter 13 Bankruptcy, an individual reorganizes their debt in such a way that they propose to pay their creditors the amount owed over a three to five year period. The plan is memorialized in a writing, and details all the future transactions that will occur between a debtor and his or her creditors. Generally, the debtor keeps their property, and the creditors receive less money than had the debtor not filed for bankruptcy. Below are some of the advantages of filing a Chapter 13 bankruptcy

  • Stopping a foreclosure
  • Discharge of debts not dischargeable under Chapter 7
  • Court supervised repayment (your creditors must participate – unlike credit counseling services)
  • Preventing wage garnishment
  • Preventing bank levy
  • Keeping non-exempt assets

 

What to expect in Chapter 13 Bankruptcy

Below is a list of what to expect in the event that you choose to file a Chapter 13 bankruptcy.

  • A free initial consultation
  • An appointment with an attorney to complete your paperwork
  • Having your case e-filed by our office
  • Attending a creditors meeting
  • 30 days after the case is filed the first plan payment is due
  • Confirmation of the plan payment 30 to 60 days after the creditors meeting
  • Monthly payments for 36 to 60 months

Call an Experienced St. Louis Bankruptcy Attorney Today for a Fresh Start

If you’ve gotten in over your head financially, call the Westbrook Law Group today to schedule a free initial consultation. Together, we can evaluate your financial situation and determine what the best course of action is to most quickly put you back on the right track. We understand that the people seeking our services are having financial difficulty, and as a result offer competitive rates and payment plans. We also are available to meet with you in the evening or over the weekend, by appointment. Call us today at (636)-493-1758 or fill out our online contact form on the right  and someone will get back to you shortly.