Fayetteville Bankruptcy Lawyers
Repayment Plan
Filing bankruptcy may help by discarding debts or setting up a repayment plan with your creditors.
Individuals can file Chapter 13 in order to adjust your debts. Together with Fayetteville bankruptcy lawyerss, you draft a Plan with all your debts and your income. Now you will see which debt is most important to catch up on, or possibly negotiate with creditors to repay them. Most will not, filing Chapter 13 gives you relief.
Chapter 13 bankruptcy may be a better option than Chapter 7 for you. Chapter 13 usually allows the debtor to retain valuable assets; your home, vehicles, non-exempt assets. Chapter 13 will also stop foreclosures, in most cases.
Under Chapter 13, a debtor may set up a repayment plan to pay installments to their creditors over three to five years. If the debtor’s monthly income is currently less than the applicable state median, your plan may be for three years unless the court approves a longer period, for cause.
The court can then approve your plan. During this time, the law forbids creditors from starting or continuing collection efforts. This includes lawsuits, wage garnishments, and no contact with the debtor for the life of the plan.
Fayetteville Bankruptcy Lawyers fight for you!
Debt Relief
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- Chapter 7
- Chapter 13
- Foreclosures
- Wage Garnishments
- Free Consultation
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