Chapter 13

Missouri Chapter 13 Bankruptcy Lawyers

How Does Chapter 13 Bankruptcy Work?

Chapter 13, often referred to as the wage-earner’s bankruptcy, allows a person with disposable income to propose a debt repayment plan. This plan does not necessarily have to allow for creditors to be paid in full. In fact, some creditors may only receive a small portion of what they are owed. Some creditors may not receive anything at all. Chapter 13 plans range from three to five years and are available to people who have less than $269,250 in unsecured debts or $807,750 in secured debts.

Chapter 13 comes with an automatic stay that puts an immediate halt to creditor harassment, foreclosure, repossession, wage garnishment and other creditor actions.

Understanding the Advantages of Chapter 13

For many, Chapter 13 is preferred over Chapter 7 because it does not involve the liquidation of property. When you file Chapter 13, you will generally be able to keep all your assets, including your home. If you have been threatened with foreclosure, you will be able to include past-due mortgage payments in your debt repayment plan. Also, your debts will stop accumulating interest when you file Chapter 13 bankruptcy.

What Is the Right Decision in Your Case?

At Hanrahan & Nacy, our lawyers know there is no one-size-fits-all solution to debt problems. We will take the time to review your situation, working with you to determine whether Chapter 13 is truly the right step. Our review will involve carefully looking at all possible options and explaining what the outcome of each would look like. The final decision will be in your hands, because this is your financial future at stake.

Free Consultation About Stopping Foreclosure With a Jefferson City Attorney

Call 573-636-7900 or contact us via e-mail to schedule a free consultation with a Missouri Chapter 13 bankruptcy attorney.