Chapter 13 Bankruptcy: An Affordable Repayment Plan
If you have a regular source of income and have money left over at the end of the month after paying your living expenses, you can reorganize your debts into one affordable monthly payment by filing Chapter 13 bankruptcy.
Chapter 13 bankruptcy (also known as "wage earner") is a three to five-year plan to get out of debt.
The attorneys of Darrell L. Castle & Associates help clients file Chapter 13 bankruptcy and get their financial lives back in order. Although it does not wipe out debt the way Chapter 7 bankruptcy does, filing Chapter 13 bankruptcy has a number of distinct advantages, including:
- You get to keep your property; It will not be sold to pay off creditors.
- You have an affordable plan for paying back your creditors.
- You will be out of debt in just three to five years rather than the decades it may take otherwise.
- You usually do not have to pay the full amount owed to creditors.
- You do not pay interest on your debt as long as you are in bankruptcy.
Pay Yourself First
A Chapter 13 bankruptcy debt settlement plan allows you to pay yourself first, not last. Every month, money is allocated to pay for your living expenses: your rent or mortgage, utilities, food, gas, clothing and other essentials. The amount left over is deducted from your wages and paid to the bankruptcy trustee, who pays your creditors each month.
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Chapter 13 bankruptcy is a powerful tool that allows you to avoid foreclosure and stop wage garnishment, repossession and harassment by creditors. Find out if it is the right option for you.
To arrange a free consultation with one of our lawyers, please contact our office in Memphis. We represent clients throughout west Tennessee.
