Southaven and Starkville Chapter 13 Bankruptcy Attorney
For people who are facing foreclosure or repossession, Chapter 13 bankruptcy is often the right choice.
Hughes Law Group, PLLC, assists indebted clients throughout northern Mississippi in resolving their debt problems through bankruptcy. Our experienced bankruptcy lawyer, John Hughes, helps clients erase their debts completely or restructure them for repayment.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is known as "reorganization bankruptcy" or “wage earner bankruptcy.” In addition to eliminating many debts like in Chapter 7 bankruptcy, filers can reorganize their remaining debts into a single monthly payment to be repaid on a three to five-year schedule.
People who file for Chapter 13 bankruptcy usually have several things in common: They are employed and/or receive income and they have assets they want to keep. They also carry significant debts they cannot easily repay. Such debts often include auto loans, home mortgages, credit card debts or medical bills.
The amount of debt filers repay is usually only a fraction of the original debt. The main advantage of Chapter 13 bankruptcy is that it empowers filers to repay as much as possible, but in a way that suits their individual circumstances.
Why Should I Consider Chapter 13? | Stop Foreclosure, Repossession | Southaven and Starkville, Mississippi, Lawyer
Why would you consider Chapter 13 bankruptcy over another option? Here are some reasons:
•You do not qualify for Chapter 7. If your income is too great or your debts are too small, you may not meet Chapter 7 requirements. In such circumstances, Chapter 13 is a best second option.
•You need help on your mortgage. If you are having trouble paying your mortgage, Chapter 13 bankruptcy can eliminate credit card debts and second mortgages, so you have enough money left over to make your payment.
•You need to keep your car. If you have a car payment that you can't quite make each month, Chapter 13 bankruptcy can be used to "cram down" your payments to reflect the vehicle's actual value.
•You need simpler payments. If you are buried under an avalanche of bills, you can streamline your debts into a single monthly payment.
•You need to stop creditors from harassing you and your family. An important feature of Chapter 13 bankruptcy is the "automatic stay," which prevents creditors from harassing filers, garnishing their wages, foreclosing on their homes or repossessing their automobiles during the bankruptcy proceeding. When filers complete their repayment plan, their debts are either eliminated or repaid.
Free Consultation | Southaven and Starkville Chapter 13 Bankruptcy Lawyer
Hughes Law Office, PLLC, MAKES HOUSE CALLS, which allows you to stay in the comfort and privacy of your own home. For more information or to discuss your options in a free, private consultation with our experienced bankruptcy lawyer, by calling 662-298-3607.