Are You a Good Candidate for Chapter 13 Bankruptcy?
DebtStoppers attorneys in Atlanta evaluate your debt situation
Chapter 13 bankruptcy is a proven legal tool that has helped thousands of Georgia homeowners stop foreclosure actions and rebuild their lives. But Chapter 13 is not suited to everyone's financial situation. So, if you're thinking about bankruptcy, you must weigh your options carefully. An experienced bankruptcy attorney can assist you in applying several factors you must consider. For most Georgia residents, Chapter 13 is the right choice if:
- You have a secure job and a steady income — Chapter 13 requires you to commit to a repayment plan for at least three years
- You own your home, but your lender may take action to foreclose — Chapter 13 immediately stops foreclosure and allows you to prioritize your mortgage payments
- You have certain possessions you treasure — Chapter 13 does not require liquidation of assets
- Your financial difficulty stems from circumstances beyond your control, such as unemployment, medical bills, divorce or another hardship — Bankruptcy is meant to help honest Americans who've had a run of bad luck
Chapter 13 bankruptcy works when you commit to your plan
To keep your valued assets in a Chapter 13 bankruptcy, you have to be able to commit to a plan that will last three to five years. The payments will be much more manageable than the ones you face today and if you remain faithful to your plan, you wind up paying back much less than the total you owe. After you complete your plan, the bankruptcy court discharges your remaining debt.
If you have a secure job and a home you want to continue to live in, you'll have no trouble fulfilling your commitment and gaining the advantages of Chapter 13 bankruptcy. If the three-year plan sounds intimidating, either because you can't count on a job or don't have a home to protect, Chapter 7 might be a better plan.
See an experienced Georgia bankruptcy attorney to learn if Chapter 13 is right for you
Our Atlanta bankruptcy attorneys are standing by to help! We provide a no cost, one-on-one debt evaluation by an experienced DebtStoppers attorney who can help you choose the best plan for your unique situation. We answer all of your questions and address your concerns with absolutely no obligation! Call us today at 404.750.4706 or fill out our online debt analysis form.