Chapter 13 Bankruptcy Lawyer in Raleigh

Understanding Chapter 13

Chapter 13 is often referred to as a “wage earner” chapter of the U.S. Bankruptcy Code, as it applies to individuals with regular incomes, who may not qualify under Chapter 7 because their income is too high. It may also be a better option to file under Chapter 13 when a debtor has assets and property that he or she would like to protect. Chapter 13 has a number of important benefits:

• You can usually keep your property and assets;
• Chapter 13 stays foreclosure proceedings;
• Creditors must stop all debt collection efforts; and
• After your Chapter 13 payment plan is completed, remaining eligible debts will be discharged.

How Chapter 13 Works

Under Chapter 13, a debtor works with the Bankruptcy Court in order to work out a payment plan. The payment amount is calculated based upon the debtor’s income and expenses and typically lasts approximately three to five years. Upon the successful completion of the payment plan, all eligible debts will be discharged. An attorney can inform you of what to expect in regards to dischargeable debts and what amount your payment may be, as this will often vary.

Work with Hopper Law Office

If you are facing overwhelming debt and possibly foreclosure but have a regular income and assets to protect, Chapter 13 bankruptcy may be the right answer for you. By consulting with Hopper Law Office, you can find out what your options are and what to expect in this regard. It is our goal to help you come to a decision that is right for your future. When you work with a lawyer at our firm, you can count on our knowledge in this field as we effectively and efficiently guide you through the Chapter 13 bankruptcy process.