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Chapter 13 bankruptcy is one of the most popular types of debt settlements in the US because it allows you to keep your property and still escape from the strain of debt. Chapter 13 reorganizes all your debts into a single sum that will be paid off during a three to five year period. Not only can this form of bankruptcy help to get free from debt, it can also stop foreclosure on your home, stop creditors from pestering you, and allow you to begin rebuilding your credit. Bankruptcy isn’t the end of the world, just the end of your worries.
Tell a Greenville bankruptcy lawyer about your situation
today in a free case evaluation .
Are You Eligible for Chapter 13?
Also known as the wage earner’s plan, Chapter 13 is designed for those who have enough recurring, disposable income to settle their debts. If you choose this method, a portion of your monthly income will go toward settling your reorganized debts until they are entirely paid off.
To qualify for Chapter 13, you need:
- A regular income from a stable source
- An income that covers the repayment, as well as any mortgage payments and living expenses.
- Less than $336,900 in unsecured debts and $1,010,650 in secured debts. (Figures are subject to change)
To determine whether or not you have enough income to be eligible for Chapter 13, you must see if your current monthly income is less than the applicable state median. Consulting with a Greenville Chapter 13 attorney can help to clear up any confusion regarding this process and help you decide if Chapter 13 is right for you.
Take Action Today!
If you are considering filing for Chapter 13 bankruptcy, please do not hesitate to consult with our Greenville bankruptcy attorney. Boyd Law Office prides itself on our approachable staff who can work hard for you. We offer free initial consultations to all of our clients during which we can identify all your options, give you solid advice on how to proceed, and help you move forward into the future you’ve always wanted.
Ready to free yourself of debt? Call (662) 332-0202 today!