Chapter 13 Bankruptcy

Learn How Chapter 13 Can Help Relieve Debt Pressure

For many individuals and married couples, Chapter 13 bankruptcy offers a good way to stop creditor harassment while giving you the time you need to cure defaults and catch up with mortgage payments, tax bills, car loans and other obligations. To learn whether Chapter 13 makes sense for your situation, contact an experienced bankruptcy lawyer at the Peebles Law Firm in Winston-Salem.

Call 866-674-4072 for Chapter 13 advice in the Piedmont North Carolina

Many people considering bankruptcy have two options: Chapter 7 and Chapter 13. Chapter 7 offers the prospect of a complete discharge of eligible unsecured debts, and the entire process is usually over in six months or less. Chapter 13 requires you to pay a portion toward your unsecured debts in a monthly repayment plan that lasts for three to five years. Once your plan is completed, the unpaid portion of your eligible unsecured debts is discharged just as in Chapter 7.

Bankruptcy under both chapters protects you from creditor collections and harassment from the time your case is filed. Mortgage lenders and holders of secured claims can seek bankruptcy court permission to repossess collateral under certain circumstances, but our attorneys can often negotiate arrangements with your creditors to allow you to keep assets that might otherwise be subject to repossession or foreclosure.

Unlike Chapter 7, you don't need to meet income standards for Chapter 13 bankruptcy. You do need a regular source of income, however, to meet your obligations under your repayment plan. Chapter 13 also makes sense for many people who might otherwise qualify for Chapter 7. If you're under significant pressure on nondischargeable debts like recent taxes or student loans, you can cure arrearages in your Chapter 13 plan while we try to reduce penalties and interest.

Chapter 13 is a good option as well for people with significant assets that might be subject to liquidation in Chapter 7. If you still have a lot of equity in your house or own valuable nonexempt property, Chapter 13 helps you protect those assets while you cure debt arrearages over time.

At the Peebles Law Firm, we work closely with our clients to make sure that our advice is based on an accurate understanding of your assets, debts, income and expenses. We explain every step of the process from completing the forms to rebuilding your credit. We're also proud of our commitment to stay within easy reach of clients who need answers to questions right away.

To learn more about our approach to client service in Chapter 13 bankruptcy, contact the Peebles Law Firm in Winston-Salem for a free consultation.