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Filing for Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is for people who are struggling with overwhelming debt, but make a monthly income that is too high for them to qualify for chapter 7 bankruptcy. Under chapter 13 bankruptcy, all of your unsecured debts are combined, and you make one monthly payment towards paying them all off. This payment plan will be about 3 to 5 years, and if you complete the plan accordingly, at the end of the term, the remainder of your debts will be discharged from your record, and you will move on from the bankruptcy debt free. If you are considering filing for a chapter 13 bankruptcy, contact our firm today.

Chapter 13 bankruptcy is advantageous because it allows debtors the opportunity to save their homes from liquidation. Chapter 13 bankruptcy stops any foreclosure proceedings currently in place and allows you time to cure late mortgage payments. During this time, you are still required to pay all mortgage payments received in the duration of the chapter 13 plan. Additionally, chapter 13 bankruptcy allows debtors to reschedule any secured, outstanding debts that they owe. Rescheduling secure debts may decrease your monthly payments.

Am I eligible for chapter 13 bankruptcy?

Corporations and partnerships are not allowed to file for chapter 13 bankruptcy. In order to file for chapter 13 bankruptcy, your outstanding unsecured debts must be less than $360,475. Additionally, you cannot owe more than $1,081,400 in secured debts. According to the U.S. Federal Courts, these caps are adjusted periodically. There are other restrictions that may keep you from filing as well. For instance, you will not be eligible to file for chapter 13 bankruptcy if you willfully failed to appear in court, comply with court orders, or were voluntarily dismissed from court under special circumstances within the past 180 days.

Finding the Right Bankruptcy Attorney

When you file for chapter 13 bankruptcy, you will need an attorney who can successfully negotiate the terms of your payment plan and has the experience to protect your financial interests . Your payment plan will be based on your monthly income, and will be an amount that you can afford, still allowing you to pay for your living expenses, such as your house payment or rent, car payment, as well as food and clothing. An attorney from the firm may be able to help you negotiate a better payment plan for you and your family.

Price Law Group is a Las Vegas legal firm that has over 20 years of experience in bankruptcy law. The firm is very familiar with the process of filing for bankruptcy and will help you every step of the way, from the initial filing of your bankruptcy claim, helping you repair your credit, through to the final discharge of your debts. Filing for bankruptcy may be the solution to help you get out from under your debts in an affordable and structured manner, and having the guidance of an experienced attorney may benefit your bankruptcy negotiations.

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