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While many people file for bankruptcy when they have no assets to their name, there are also options for those who have some property. If you are overwhelmed by debt but do not qualify for Chapter 7, you may still be able to secure the fresh financial start you need through the Chapter 13 process.
Chapter 13—also known as a wage earner’s plan—can help you get back on firm financial ground while using your assets to pay down some of your debts along the way. Our compassionate bankruptcy attorneys can help you understand if this process is right for you. Instead of filing on your own, you could benefit from a discussion with our Grand Rapids Chapter 13 bankruptcy lawyer.
Chapter 13 bankruptcy is designed for individuals who have a steady source of income but need time to manage and repay their debts. To qualify, you must show that your income is reliable enough to support monthly payments under an ongoing payment plan. Your income can come from wages, self-employment, Social Security, pensions, or other consistent sources. The bankruptcy court will review that income but also take into account your expenses to ensure the proposed plan is feasible.
There are also limits on the amount of debt a person can have when filing for Chapter 13. Federal law caps both secured and unsecured debts, and these limits are adjusted periodically. If a debtor’s total obligations exceed those limits, Chapter 13 may not be available.
In addition, anyone who had a bankruptcy case dismissed in the past 180 days for failure to appear in court or comply with orders cannot immediately refile. Debtors must also complete a credit counseling course from an approved agency before submitting their case. For those who meet these qualifications, Chapter 13 offers a structured way to reorganize their finances and get their life back on track. Let our Grand Rapids Chapter 13 attorneys help you develop a plan for lasting success.
One of the downsides of Chapter 13 bankruptcy is that the process can take much longer compared to Chapter 7 proceedings. While other types of bankruptcies can wrap up in a matter of months, Chapter 13 requires you to be in for the long haul.
In general, wage earners’ plans take between three and five years to complete. You have some flexibility when it comes to the amount of time you need to complete your plan, but the court has final say. If you cannot realistically reach your goals in a three-year period, you can expect the court to require you to confirm a five-year plan.
Of course, things can go wrong along the way. In some cases, it might take even longer than five years to make all of your payments. If you fall behind or otherwise struggle to stay afloat financially, the court might agree to extend the time needed to complete your plan. Our Grand Rapids Chapter 13 attorneys can advise you on what to expect based on your assets and liabilities.
For most people, dealing with overwhelming debts can be one of the most difficult things they ever experience. The good news is that the U.S. Bankruptcy Code provides you with options for securing a fresh start in life.
If you are considering bankruptcy, now is the right time to discuss your situation with our team. Reach out to a Grand Rapids Chapter 13 bankruptcy lawyer and fill out our debt calculator to get started.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
We are a debt relief agency helping people file bankruptcy under the United States Bankruptcy Code.
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