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Chapter 13 Bankruptcy Lawyer Reynoldsburg, Ohio
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy allows individuals to restructure their debt into manageable payments while maintaining possession of their assets. This legal process provides a way to clear debt under court-approved terms over three to five years. It's ideal for those with steady income looking to stop foreclosures, reorganize debts, and systematically work towards financial stability without liquidating assets.
How Chapter 13 Bankruptcy Works
Chapter 13 Bankruptcy offers a structured path to debt relief through a repayment plan:
File a Petition: Start by filing a petition along with your financial statements detailing debts, assets, income, and expenses.
Propose a Repayment Plan: Submit a repayment plan to the court outlining how you will pay off debts over three to five years.
341 Meeting: Attend a meeting of creditors where the trustee and creditors review your plan.
Plan Confirmation: The court must approve your repayment plan after considering objections from creditors, if any.
Make Payments: Begin making payments according to the confirmed plan.
Complete the Plan: Upon completing all payments under the plan, you receive a discharge of remaining dischargeable debts
Qualifying for Chapter 13 Bankruptcy
Qualifying for Chapter 13 Bankruptcy involves meeting specific criteria:
Regular Income
You must have a regular source of income that is sufficient to cover your monthly expenses plus your payment plan.
Debt Limits
Your secured and unsecured debts must not exceed certain limits set by bankruptcy law.
Tax Filings
You must be current on your federal and state income tax filings for the past four years.
Credit Counseling
Completion of a credit counseling course from an approved agency within 180 days before filing is required.
No Recent Bankruptcy Filings
You must not have had a bankruptcy petition dismissed in the prior 180 days due to your willful failure to appear before the court or comply with court orders.
Individuals Only
Chapter 13 is available only to individuals, not businesses (although business-related debts for which the individual is personally liable can be included).
The Role of a Repayment Plan in Chapter 13
A repayment plan in Chapter 13 Bankruptcy serves as a tailored strategy to manage debt over three to five years. This plan consolidates your debts into one monthly payment, adjusted according to your income, allowing you to retain assets like your home and car. It strategically reduces payment amounts to creditors, providing a feasible way to achieve debt relief while maintaining financial stability.
Tailored Debt Management with Chapter 13 Bankruptcy
Our law firm specializes in Chapter 13 Bankruptcy, offering personalized debt management solutions that adapt to your unique financial circumstances. By developing a structured repayment plan, we help you reduce monthly debt payments, protect your assets, and prevent foreclosures. Our approach ensures you navigate this complex process with clarity and confidence, paving the way for a more secure financial future.
Rebuild a Stronger Financial Future Post-Chapter 13
At our firm, we guide you beyond the completion of your Chapter 13 Bankruptcy, focusing on rebuilding a stronger financial future. Through comprehensive counseling and strategic financial planning, we equip you with the tools to enhance your credit profile, manage debts wisely, and secure long-term financial health. Our dedicated support helps you leverage your fresh start to forge a stable and prosperous future.
Don’t navigate this complex process alone
File for Bankruptcy with a Trusted Bankruptcy Attorney
Are you considering Chapter 13 bankruptcy as a solution to regain financial control? Our experienced bankruptcy attorney is here to guide you through every step of the process, from filing your petition to crafting a repayment plan that suits your financial situation. Start your journey towards a stable financial future with professional guidance.
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Mon - Fri: 8:00 AM - 5:00 PM
Sat - Sun: By appointment only
Appointment are also available after 5:00 PM Monday - Friday by appointment.
Areas We Serve
We proudly serve clients throughout Central Ohio and the greater Columbus area, including Reynoldsburg, Blacklick, Pickerington, Pataskala, Whitehall, Gahanna, Brice, and beyond.
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