Chapter 13 Debt Reorganization

Who Files A Chapter 13 Bankruptcy And Why?

Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in several key ways:

  • Almost anyone can qualify; there is no need to verify eligibility with a means test.
  • It involves reorganizing and paying back some or all debt through affordable monthly payments with interest rates lowered or eliminated.
  • The debt repayment plan lasts from three to five years, whereas a Chapter 7 debt discharge comes just a few months after filing.
  • It is often useful for debtors who have substantial home equity and want to keep their houses.
  • It is an effective way to stop foreclosure, allowing for repayment of back mortgage premiums slowly.
  • A Chapter 13 filer must have steady income with which to make regular monthly payments.
  • Legal fees and most court costs do not need to be paid up front, but rather, are figured into the monthly payments.

Ask The Right Questions And Get The Answers That Are Right For You

Determining whether Chapter 13 bankruptcy is the best form of debt relief for your situation requires honest answers to two key questions: Is bankruptcy the right choice in your situation? If so, which suits your financial circumstances better: Chapter 7 or Chapter 13? A personalized discussion with a knowledgeable bankruptcy attorney is an important first step toward answering those questions and getting ready to begin the process. The Law Office of Joseph S. Ozment, PLLC, offers the benefit of working closely with an experienced Tennessee lawyer serving the Memphis metro area and beyond.

Filing Chapter 13 Bankruptcy Will Stop Creditor Harassment Right Away

As in the case of a Chapter 7 bankruptcy, filing a Chapter 13 puts the automatic stay into effect. This will stop creditors from harassing you or trying to collect from you. There can be no more phone calls, collection letters, wage garnishments, lawsuits, bank levies or other types of pressure tactics.

Get Started If Chapter 13 Is Appropriate In Your Case

For more information about Chapter 13 or Chapter 7 bankruptcy, schedule a consultation with Memphis Chapter 13 bankruptcy attorney Joseph S. Ozment. Call 901-525-4357 or email us through this website.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.