Today, a lot of people who face financial difficulties are unable to make their monthly debt payments. Foreclosures are on the increase as many households struggle to keep up with payments arising from layoffs, cuts, or devastating medical expenses. Chapter 13 bankruptcy provides protection to your property and can help to reorganize debts.
If you are based in Louisiana and need to stop your creditors or you are facing financial struggles, get help from Attorney Eddie Clark at The Law Firm of Eddie Clark & Associates.
Chapter 13 bankruptcy, also called “bankruptcy of wage-earners,” enables people and couples to reorganize the way they repay the debt they have created. Eligible debtors can retain their assets (such as houses or vehicles) as long as they remain current on the payment schedule developed.
As per Chapter 13 bankruptcy, the unsecured debt is combined into one category, and a payment plan is formed based on the disposable income estimates. You will work with your creditors and the Bankruptcy Trustee to create a three to a five-year payment plan. Unsecured debts are discharged at the end of the plan.
Chapter 13 bankruptcy is mostly a better alternative to bankruptcy in Chapter 7 because it allows you to keep your property if you are behind on your mortgage or payments.
When you file a Chapter 13 bankruptcy in Louisiana, your pending foreclosures, garnishments, and repossessions are instantly stopped. Filing for bankruptcy also means creditors can no longer contact you directly for payments, meaning they can no longer engage in threatening or harassing phone calls towards you. In addition to these positive benefits, Chapter 13 enables you to consolidate your debts by making one monthly payment to your assigned bankruptcy trustee, who then forwards the payment to the creditors as outlined in the payment plan.
It is important that you consult with an experienced bankruptcy lawyer before filing Chapter 13 Bankruptcy to understand all of the eligibility requirements and benefits of this debt relief option. Chapter 13 is not about qualifying but about showing feasibility. You must prove to the Court that after living expenses you have ample disposable income to maintain a repayment plan.
Chapter 13 is complex and difficult to follow without an attorney’s assistance. Your payment plan must comply with strict rules and regulations and your creditors will battle every inch of the process to get you to pay more. Discussion with our bankruptcy lawyer in Monroe is important. Attorney Eddie Clark will ensure that you get a fair plan that meets all the criteria and leads to discharge and help you determine how to best protect your most valuable assets and stand up to creditors who challenge your rights.
Every client who engages The Law Firm of Eddie Clark & Associates receives personal attention directly from Attorney Clark himself. All bankruptcy cases are not the same, and Attorney Clark and his legal team will put their combined years of experience to work for you.
For more information on bankruptcy, contact The Law Firm of Eddie Clark & Associates at 318-361-9697 to schedule a Free consultation with Attorney Eddie Clark.
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