Chapter 13 Bankruptcy Lawyer Serving Durham, North Carolina and the Surrounding Area
Chapter 13 is an effective debt relief solution for many people. The types of people who can benefit from Chapter 13 relief include:
- People who have fallen behind in payments on their home, car or other property and need time to catch up their payments under Bankruptcy Court protection;
- People who do not pass the means test but still need relief from overwhelming debt arising out of medical bills, personal loans, credit cards or other bills;
- People who have substantial, non-exempt equity in their home or another asset which a Chapter 7 Trustee could sell, but who may be able repay creditors in an orderly fashion through a Chapter 13 repayment plan and thereby save their assets.
Clients who elect to pursue relief in Chapter 13 enter into a "wage earner plan" administered by a Chapter 13 Trustee. Once approved by the Bankruptcy Court, the Chapter 13 plan lasts between 36 and 60 months, depending upon each client's unique financial circumstances. During this time, the client makes a pre-determined payment to the Chapter 13 Trustee, who distributes the payments to the client's creditors. A Chapter 13 Plan not only allows a client to cure defaults in certain secured loans over time, it also usually allows stretching out payments on loans secured by a car or other personal property over the length of the Plan, thereby substantially improving a client's cash flow. In Chapter 13, some clients, depending on their individual circumstances, may not have to repay unsecured debts, such as credit cards and medical bills, or may only have to repay a portion of that debt. Chapter 13 also stops interest from accruing on most unsecured debts such as credit cards and personal loans.
Another benefit of Chapter 13 is the "automatic stay" that takes effect upon the filing of your case. The automatic stay is a powerful provision of the Bankruptcy Code that stops creditor harassment by preventing creditors from contacting a bankruptcy debtor about their debts during their Chapter 13 Plan, and also prevents creditors from taking action against the client or their property (such as a suit or a foreclosure) without prior permission of the Bankruptcy Court. Upon successful completion of a Chapter 13 Plan, the client receives a discharge from unsecured debts. Additionally, the Bankruptcy Code provides for a "discharge injunction" that continues protection from harassment for debts that were paid or discharged by successful completion of the Chapter 13 Plan.
When a potential client contacts me seeking solutions to their debt problems, their appointments and consultations, including the free initial consultation, are with me personally. I do not delegate meeting with, or otherwise advising my clients to legal assistants or paralegals. From the beginning to the end of a Chapter 7 or Chapter 13 bankruptcy case, I am there to see my clients through to real debt relief. — Terry D. Fisher
Get the Facts and Begin to Take Back the Reins of Your Financial Life
Chapter 13 is a powerful tool for those for those seeking feasible repayment plans to save assets, consolidate or eliminate debt, and put an immediate stop to creditor harassment. Contact Terry D. Fisher to schedule a free consultation with a knowledgeable North Carolina bankruptcy attorney to determine if Chapter 13 is the right path for you to follow to take control of your finances.
We are a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.
