Chapter 13 Bankruptcy Breakdown

Considering filing for bankruptcy, but not sure where to start? Chapter 13 saves you from losing your home or other property, and eliminates your debt in an efficient manner. Because the plan is based on your income, it is possible that not all of your debts will be completely paid off during the process, however, all debts remaining will be eliminated.

Don’t want to commit? Filing for Chapter 13 bankruptcy is voluntary – meaning you can back out at any time. If you find a better, well-paying job, you can “opt out” of the plan. If you lose your job or are somehow unable to make payments, consider filing for Chapter 7 bankruptcy instead.

Chapter 13 bankruptcy is also known as a “wage earner’s” plan, meaning that it assists people with regular incomes with a plan to pay off their debts. The plan is typically about three to five years, and creditors must stop calling and harassing you! If you’re struggling with large amounts of debt, but have a stable job, Chapter 13 bankruptcy is the right option for you. Tired of those creditors calling you every day? Stop the calls for good and find a plan that works specifically for your needs.

Wondering if you’re eligible? If you have questions or need more information about what documentation to bring with you to court, give us a call! We would love to assist you. Here are a few things to bring with you:

  1. Tax returns and transcripts. You must bring proof that you have filed your taxes, so bring along all essential tax documents with you. You’ll also need these for reference throughout the filing process.

  2. Proof of income and expenditures. Bring pay stubs, income documentation and receipts regarding your current loan or debt payments. You’ll need these so that a plan can be formulated according to your income.

  3. Proof of interest. Bring along documentation that proves the amount of interest you are paying on your debts.

We understand that filling for bankruptcy can be an intimidating prospect. At Richard Banks & Associates, your case will be in the hands of board-certified bankruptcy specialist Richard L. Banks. Board certification is granted only to those attorneys who have dedicated their careers to bankruptcy and demonstrated that they understand all of the nuances of this complex area of the law, so you can trust that you’ll be in good hands. Give us a call for a free consultation today at 423-244-0009!