Chapter 13 is sometimes referred to as the wage-earner's bankruptcy. It allows you to create a repayment plan to pay off all or some of your debt on terms that work for you. At The Huggins Law Firm in Columbia, South Carolina, we have more than 15 years of experience helping people overcome their debts through Chapter 13 bankruptcy. We can help you.
How Chapter 13 Bankruptcy Works
Unlike Chapter 7, in which your assets may be liquidated to pay off your debt, Chapter 13 bankruptcy involves the creation of a repayment plan. Attorney J. Steven Huggins will help you create a plan that makes sense based on your current income level.
Chapter 13 repayment plans typically last between three and five years. You will be required to keep up with one monthly payment. All of your debt can be wrapped up in that payment, including credit card debt and medical debt. Even past-due home payments and car payments can be included in the repayment plan, but you will be required to continue making current payments as well if you choose to keep those assets.
The repayment plan may not require that all debt be paid back 100 percent. Unsecured debt like credit card bills and medical bills may only be partially repaid. However, any outstanding unsecured debt that remains upon the completion of your plan will be discharged.
Chapter 13 And Your Assets
One of the key strengths of Chapter 13 is that you are able to keep all of your assets. There is no liquidation of property required. You can keep your home, as long as you can remain current on payments. You can keep your car as well. Past-due amounts can be included within the payment plan. We will carefully guide you through the process.
Learn More About Chapter 13 With A Free Consultation
Call 803-764-9921 or email to schedule a free consultation with a trusted lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.