Filing Chapter 13 Bankruptcy in Charleston

Chapter 13 Bankruptcy is a legal process that allows individuals to restructure their debts and develop a repayment plan under the supervision of a bankruptcy court. This type of bankruptcy is often chosen by people who have a regular income and want to keep their assets.

It provides a way to catch up on missed payments and avoid foreclosure or repossession. By creating a manageable repayment plan, individuals can regain control of their finances and work towards a fresh start.

Advantages of Chapter 13

With Chapter 13 Bankruptcy, individuals can take advantage of several benefits that can help them regain control of their finances and work towards a fresh start.

One major advantage is the opportunity to create a repayment plan that allows them to pay off their debts over a period of three to five years.

Additionally, Chapter 13 can protect their assets from being seized by creditors, providing a sense of security and stability during the process.

Chapter 13 Bankruptcy Eligibility

To be eligible for Chapter 13 Bankruptcy, individuals must meet certain criteria and fulfill specific requirements. This form of bankruptcy is designed for individuals with a regular income who are unable to pay their debts in full.

Eligibility requires that unsecured debts must be less than $419,275 and secured debts must be less than $1,257,850. Additionally, the individual must complete credit counseling from an approved agency before filing for Chapter 13 Bankruptcy.

How does Chapter 13 work?

Chapter 13 bankruptcy is a legal process that allows individuals with a regular income to create a repayment plan to repay their debts over a period of time. This process provides individuals with a structured way to manage their debts and work towards financial stability.

How does Chapter 13 work? Here’s a breakdown:

  • The individual submits a repayment plan to the court.
  • The court reviews and approves the plan.
  • The individual makes regular payments to a trustee, who distributes the funds to creditors according to the plan.

The Chapter 13 Plan and Confirmation Hearing

The Chapter 13 plan is a crucial aspect of the bankruptcy process, outlining the individual’s proposed repayment schedule and providing a framework for the confirmation hearing.

This plan details how the debtor intends to repay their debts over a period of three to five years.

During the confirmation hearing, the bankruptcy court reviews the plan to ensure it meets the requirements of the Bankruptcy Code.

Once approved, the debtor must adhere to the plan’s terms to successfully complete their Chapter 13 bankruptcy.

The Chapter 13 Bankruptcy Discharge

Once the Chapter 13 bankruptcy plan is successfully completed, debtors are eligible for a discharge of their remaining debts. The discharge is a crucial step towards achieving financial freedom.

Here are three key points to understand about the Chapter 13 bankruptcy discharge:

  • The discharge eliminates most types of remaining unsecured debts, such as credit card bills and medical expenses.
  • Certain debts, such as child support and student loans, aren’t dischargeable.
  • The discharge provides debtors with a fresh start and the opportunity to rebuild their credit.

The Chapter 13 Bankruptcy Hardship Discharge

To qualify for the Chapter 13 Bankruptcy Hardship Discharge, debtors must demonstrate significant financial difficulties. This discharge is available to those who are unable to complete their Chapter 13 repayment plan due to circumstances beyond their control, such as illness or job loss.

It provides relief by allowing debtors to discharge their remaining debt after making payments for a certain period of time. This option offers a lifeline to individuals facing insurmountable financial challenges and aims to provide a fresh start.

Hiring a Chapter 13 Bankruptcy Lawyer

When filing for Chapter 13 bankruptcy in Charleston, it’s crucial to have the assistance of a knowledgeable and experienced bankruptcy lawyer.

A Chapter 13 bankruptcy lawyer can guide individuals through the complex legal process, ensure all necessary paperwork is properly filed, and advocate for their best interests.

Call Us Today for Assistance

If you’re considering filing for Chapter 13 bankruptcy, it’s highly recommended to hire a knowledgeable and experienced bankruptcy lawyer for assistance. A bankruptcy lawyer can provide invaluable guidance and support throughout the process, ensuring that your rights are protected and that you achieve the best possible outcome.

When choosing a bankruptcy lawyer, consider their expertise, reputation, and track record of success. By seeking professional assistance, you can navigate the complexities of Chapter 13 bankruptcy with confidence and peace of mind.

Get in Touch Today!

We want to hear from you about your Bankruptcy needs. No Bankruptcy problem in Charleston is too big or too small for our experienced team! Call us or fill out our form today!