Chapter 13 Bankruptcy
Chapter 13, commonly referred to as a “wage earner” bankruptcy case, involves a reorganization of your finances to allow you to pay back some or all of your debts over a period of time.
Chapter 13 does NOT require you to repay all of your debts. Rather, it involves repaying a certain amount of debt in order to keep all of your property. Some creditors will be paid in full, others will get a percentage. This is a case by case determination and depends on what needs to be accomplished.
If your goal is to stop a foreclosure, garnishment, or repossession, or even get back a vehicle after it’s been repossessed then Chapter 13 may be right for you.
Some people think of Chapter 13 bankruptcy like credit counseling or debt management. The main difference is that under Chapter 13 bankruptcy your creditors do not get a say about how much they get paid – the law and the bankruptcy court make the decision.
The real beauty of Chapter 13, however, is that it changes when you need it to change. If your income goes up or goes down, or if you decide that the house or vehicle isn’t worth saving, you can always go back to the bankruptcy court to modify your repayment plan.
Chapter 13 bankruptcy is complex, and many cases fail because they are not handled carefully. We have the experience to make your Chapter 13 case a success, giving you the chance to get a fresh start and protect all of your property.
When you come to our office for your free, no-obligation consultation we’ll analyze your situation completely to come up with the right solution for you.
Contact us online or call 870-972-1150 to start the process. Set up a free, no-obligation consultation appointment with an experienced Arkansas bankruptcy lawyer.