Accomplished Assistance With Chapter 13 Bankruptcy Petitions
Liquidating your assets to pay off your debts isn’t always the best option for every individual or business owner in Georgia. In fact, in many cases, it may be more advantageous to file Chapter 13 bankruptcy, which lets you restructure your debts through a repayment plan, allowing to you hold onto important assets or continue operating your business.
At Jones & Walden LLC, we can educate you on all your bankruptcy options and help you select that one that makes the most sense for your situation. Our team of attorneys have backgrounds in a range of legal areas — from bankruptcy to business law, real estate to intellectual property law, and everything in between — which allows us to handle complex legal matters tied to your bankruptcy petition. We pride ourselves on our ability to provide the experienced, high-quality counsel you expect from a large firm with the added comfort and personalized touch of working with a small firm.
Understanding Chapter 13 Bankruptcy
Chapter 13 was traditionally known as a “wage earners’ plan” because those who filed for this form of bankruptcy typically had a source of income, but were not able to pay back their debts because their income was less than what they were being asked to pay back to creditors. A Chapter 13 plan allows a debtor with regular income to file a repayment plan to reduce or modify debt.
For example, Chapter 13 authorizes a debtor to bring a past-due mortgage current over time through a repayment plan. Or, if an individual has assets that are not exempt, the debtor can make payments to creditors based on the value of the assets that the debtor wishes to keep.
Chapter 13 repayment plans are based upon the debtor’s disposable income and include a determination of the amount that should be contributed to a repayment plan.
In order to qualify for Chapter 13, an individual’s debts cannot exceed the “debt limits” for the chapter. Specifically, an individual’s unsecured debts must be less than $394,725 and secured debts less than $1,184,200.
It’s Important To Point Out. These debt limits are up to date as of Jan. 1, 2018, but they are not static and change from time to time. Please contact our attorneys to determine applicable debt limits and how they may affect you.
Chapter 13 is available only to an individual with “regular income.” The term of a Chapter 13 repayment plan cannot exceed 60 months (five years). Consequently, debtors with highly variable income who need more than five years to complete debt payments or whose debts exceed the debt limits may consider filing an individual Chapter 11 case instead.
Get Guided Support And Counsel
At Jones & Walden LLC, our experienced bankruptcy lawyers understand the immense burden your financial debt may be placing on your shoulders, which is why we encourage you to sit down with us to discuss your debt relief options. We can walk you through your options and choose the one that makes the most sense for your situation. We can then guide you through the entire legal process, all while providing you with the personalized attention you expect and deserve.