LEARN MORE ABOUT FILING FOR CHAPTER 13 BANKRUPTCY IN OHIO Also called a wage earner's plan, a Chapter 13 bankruptcy acts like a consolidation loan as it enables an individual to develop a court-approved plan to repay his or her debts. Depending on your financial circumstances, you may be able to repay your unsecured creditors as little as 1%. Under this chapter of bankruptcy, the debtor may propose a three to five-year repayment plan during which creditors are ordered to stop wage garnishments, home foreclosures, property repossessions, utility shut-offs, and more. A chapter 13 bankruptcy has many advantages including:
The opportunity to save your home from foreclosure
The ability to stop foreclosure proceedings
The opportunity to resolve delinquencies on your mortgage
The ability to reschedule some secured debts and extend them over the life of the repayment plan
ELIGIBILITY FOR CHAPTER 13 BANKRUPTCY An individual who is self-employed or operating a business will likely be eligible for relief under Chapter 13 if the debts are less than what is designated in 11 U.S.C. § 109(e). The individual cannot file under this chapter, or any other chapter, if they failed to comply with the orders of the court during a previous bankruptcy case within 180 days. The filer must also receive credit counseling from an approved agency within 180 days before filing.
CALL ME. I WANT TO HELP YOU! If you have mounting debts and are interested in learning more about chapter 13 bankruptcy and if it is a good option for you, I may be able to help. When you hire me to take on your bankruptcy, I will educate you on the benefits of Chapter 7 and Chapter 13 bankruptcies and help you determine which is right for you. If you choose to move forward, I will file all schedules of assets and liabilities, current income, contracts, leases, and more with the court. In any case, you must gather all tax-related documents you have as well as all of your personal financial information including expenses and income. Having all of this information organized and ready to present to your attorney will help to expedite the bankruptcy process and get you back on your feet financially as soon as possible.