Chapter 13 bankruptcy is designed to allow a debtor to restructure his or her debt in order to pay the creditors back in installments. Chapter 13 is for people with a reliable source of income who are temporarily overwhelmed with their financial obligations. If you file under Chapter 13 in Louisville, you will submit a plan with the court to repay your creditors all or part of what you owe, subject to certain protections offered by the bankruptcy code.
What will happen to my property?
In a Chapter 13 filing, you get to keep nonexempt assets that would be subject to liquidation in a Chapter 7 filing. This makes Chapter 13 a good choice for a person who has valuable property that might be subject to liquidation under Chapter 7. When the payment plan is completed, the unpaid portion of your debt will be discharged. Chapter 13, like Chapter 7, does not allow you to obtain a discharge of certain debts, including student loans, child support payments, or tax obligations.
How will I come up with a payment plan?
The experienced Louisville attorneys at Whitford & Neuhauser will work with you to craft a plan that allows you to get out from under debt while also protecting your property. We will analyze your assets, income, and your specific financial needs to create a repayment plan that puts your interests first. Come in for a free consultation where our attorneys will show you how we can help you get out of debt.