In our last post, we told you a little bit about Chapter 7 bankruptcy. Today, we’d like to discuss another common type of bankruptcy filing, Chapter 13.
Unlike Chapter 7, a Chapter 13 filing will allow you to keep the property in question. This means that you won’t have to automatically forfeit your home or car to your creditors. However, your debts aren’t wiped away like they are in a Chapter 7 filing. Instead, you must work out a payment plan with your creditors.
Generally speaking, these payment plans are spread over a three- to five-year period. During this time, you’ll have to continue making your regular payments, plus an extra amount to make up for what’s past due. This means you’ll need enough income to cover the increased payment amount, as well as your routine living expenses.
Not sure whether Chapter 7 or Chapter 13 is the best choice for you? That’s where a bankruptcy attorney can help. Don’t make such an important decision without appropriate legal counsel.
If you’re looking for a bankruptcy attorney near you, the Law Office of Tipton-Downie is here to help. For over 35 years, we’ve helped residents of Vidalia, GA and surrounding areas get the debt relief they need. Contact us to schedule a consultation. We work with clients throughout Southern Georgia and are here to help you get your financial life back on track.