We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
While many see bankruptcy as an option for people with no assets and overwhelming debts, this system serves other purposes as well. If you do not qualify for liquidation bankruptcy, Chapter 13 could be the answer.
Our attorneys can review your situation and advise you on your options. In many cases, we are able to help clients develop a plan that allows them to catch up on their missed mortgage payments and keep their vehicle while discharging other debts. Reach out to a Toledo Chapter 13 bankruptcy lawyer today to learn more.
Chapter 13 bankruptcy is a reorganization plan that allows individuals with regular income to repay all or a portion of their debts over three to five years. Unlike Chapter 7, which wipes out many debts, Chapter 13 gives you the opportunity to keep your property while catching up on missed payments through a court-approved repayment plan.
To qualify for Chapter 13, you must show that you have a stable and sufficient source of income to make regular monthly payments. This income can come from employment, self-employment, Social Security, retirement benefits, or even support payments. The court needs to see that your income is reliable enough to fund the repayment plan.
There are also debt limits in place. Your secured debts, including any mortgages or car notes, must fall below a threshold that is updated each year. There are also limits on the amount of unsecured debts you can have in a Chapter 13 bankruptcy.
Finally, you must also be up to date on your tax filings and complete a credit counseling course before filing. A Toledo Chapter 13 bankruptcy attorney can help assess your eligibility and create a repayment plan that meets both your needs and the court’s requirements.
Where Chapter 13 bankruptcy truly stands out from Chapter 7 is the importance of the bankruptcy plan. After you file your petition with the court, your Toledo attorney will file a Chapter 13 bankruptcy plan that proposes how you will pay back your creditors over the next three to five years.
Your plan sets out the amount you propose paying to all of your creditors. It should take into account your secured debts, covering not only your ongoing mortgage payments but also any delinquencies. Any remaining money will go to your unsecured creditors. Of course, these plans must be accepted not only by the court but the U.S. Trustee as well.
If your plan is approved, you will make a single payment to the Trustee each month. The Trustee’s office will then disburse payments to each of your creditors according to the plan. Your Toledo Chapter 13 bankruptcy attorney can develop a plan that will provide the minimum necessary payments on all of your obligations.
Only at the end of the plan, after your final payment is made, will the judge enter the final order closing the case and discharging your remaining unsecured debts. While it can take years to get to this point, our attorneys can put you in a position to move forward confidently after your bankruptcy case closes.
If you are facing overwhelming debts but have assets you hope to retain, Chapter 13 bankruptcy might be the right option for you. It could be possible to develop a plan that keeps you in your home while eventually erasing things like medical debt or personal loans. Reach out to a Toledo Chapter 13 bankruptcy lawyer to get started and utilize our debt calculator for a quicker review of your potential options.
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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