What does filing Chapter 13 Bankruptcy mean?
Chapter 13 Bankruptcy is also known as “reorganization of debt.” Chapter 13 protection is a structured repayment plan. Over a certain period of time—normally 3-5 years—you will repay a portion of your debts. Upon successful completion, this type of bankruptcy will discharge any remaining unsecured debts.
Why Should I Choose Chapter 13 Bankruptcy?
Our 15 years of experience has taught us there are several reasons debtors might seek protection under Chapter 13 of the U.S. Bankruptcy Code. Many times, this is because a debtor does not qualify for a Chapter 7 Bankruptcy relief. Therefore, they will seek Chapter 13 relief from the lawyers at Sheppard Law Offices instead.
You might choose a Chapter 13 Bankruptcy in Columbus because you would like to keep certain assets, such as your primary residence, but are behind on payments and facing foreclosure. One of the requirements to file for protection under Chapter 7 is that the debtor must be current on their mortgage payments. If it is impossible or impractical for you to achieve this, then Chapter 13 relief may be your best option. (Today, we are seeing more and more home loan modifications that may influence which type of bankruptcy relief the debtor will seek.)
It may also be necessary to choose Chapter 13 because you simply make too much money to qualify under the means test. If your annual household gross income exceeds the threshold amount under the means test, then our bankruptcy attorneys in Columbus will strongly advise you to proceed under the protections afforded by filing for Chapter 13 Bankruptcy relief.
What Would My Payment be...
in a Columbus Chapter 13 Bankruptcy Case?
his is a very common question clients ask during our initial consultation. On average, you need to be able to afford your secured and priority debts, living expenses, and at least one percent of your unsecured debt. While this is an oversimplification of the calculation needed to determine your plan payment, it still provides you with a general idea of how debt is classified and ranked in a Chapter 13 Bankruptcy. If you file through Sheppard Law Offices, no-look fee of your case will be $3,700. We require a \$600 up-front payment to file your bankruptcy case within the court system. Then, a payment plan will be created to settle the retainer balance of $3,100. More information on payment will be provided during your free bankruptcy consultation with Mr. Sheppard.
What is the Process for a Chapter 13 Bankruptcy in Columbus, Ohio?
If you believe that personal bankruptcy may be an option for you and your family, Sheppard Law Offices can help. Bankruptcy Attorney Ken Sheppard Jr. will meet with you personally and answer any questions you may have about your debt problems and the bankruptcy process.
Once you have chosen and filed for a Chapter 13 Bankruptcy, you must attend the Meeting of Creditors, also referred to as a Section 341 Meeting. At this meeting, creditors can ask you questions about your assets, liabilities, and intentions. With the help of a Chapter 13 Bankruptcy Trustee, you will then set up a repayment plan. One of the many goals of the Chapter 13 Bankruptcy Trustee is to ensure that the Chapter 13 plan is feasible.
Approximately one month after the Meeting of Creditors, a confirmation hearing is held to finalize any outstanding issues concerning the repayment plan. In most cases, you do not have to attend the confirmation hearing. Over the time agreed to in the Chapter 13 plan, you will continue to make restructured payments on your debts. Upon successful completion, your remaining unsecured debt will be discharged.
How Do I Know if Bankruptcy is Right for Me?
A few financial missteps can lead to major future problems, including the inability to repay debts. If you are looking for a fresh start, please do not hesitate to call Sheppard Law Offices and find out if bankruptcy may be right for you. Contact us today for a free one-half hour initial consultation. There are always options, but the longer you wait, the longer you will struggle. See our Bankruptcy FAQ for answers to more questions.
Do you have a Chapter 13 lawyer near me?
Require More Information about Chapter 13 Bankruptcy?
Since the federal bankruptcy laws changed in 2005, many people are uncertain as to their rights when it comes to filing for bankruptcy. The laws make it more challenging to seek and obtain Chapter 7 (fresh start) and Chapter 13 (repayment plan) relief.
If you’re looking for an affordable bankruptcy lawyer in Columbus, call the Chapter 13 Bankruptcy filing office of Attorney Ken Sheppard Jr. to schedule a free consultation and determine if filing Chapter 13 Bankruptcy is the best route to financial freedom for you. Any of our 5 locations in Ohio can be reached at 866-769-0404.