Chapter 13 Bankruptcy

If you have a steady source of income, you can use a Chapter 13 bankruptcy to restructure your debt.

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What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy doesn’t immediately discharge or cancel all of your debts like a Chapter 7. Instead, Chapter 13 reorganizes your debts so that you can pay some or all of it off over time. These payment plans generally last 3-5 years and require you to have a source of regular income such as wages, social security, disability, family contributions, or retirement. A trustee is appointed by the court to investigate your finances, evaluate the fairness of the repayment plan, and process creditor claims. This is a great tool for someone that’s having difficulty making house and car payments and is at risk of foreclosure, repossession, or both. Once the repayment period has ended, the balance of your unsecured debts will, in most cases, be discharged.

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What Does Chapter 13 Bankruptcy Do?

This form of bankruptcy can allow a debtor who doesn’t qualify for Chapter 7 the opportunity to obtain bankruptcy relief. Debts are paid with your disposable income, which is whatever money, if any,  is left after basic obligations are met such as food, shelter, transportation, retirement savings and medical care. Chapter 13 can stop foreclosure of your home, repossession of your car, garnishments, or harassing debt collection calls. If the circumstances are correct, Chapter 13 could also lower your car payment. Contact Toscano & Wilson for a free consultation to see if Chapter 13 would be a good fit for you.

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When A Chapter 13 Bankruptcy Makes Sense

Negotiating with creditors can be a viable option to handle your debt, but when you owe a number of creditors, have a mortgage, student debt or other financial obligation, a Chapter 13 bankruptcy lawyer can help you structure your debt so that you have a manageable plan to pay some or all of it. Chapter 13 can provide you with bankruptcy protection even if you make too much money or are otherwise ineligible to qualify for a Chapter 7 case. Chapter 13 can also be an option if you filed a Chapter 7 case less than 8 years ago and are ineligible to file Chapter 7 again.

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How Toscano & Wilson Can Help

Chapter 13 can be complicated, and Toscano & Wilson will help you navigate the process.  We will walk you through the entire bankruptcy process from start-to-finish. Chapter 13 bankruptcy can help you rebuild your financial life, and get you back on the path to financial security.

Contact Us

The legal experts at Toscano & Wilson understand what you are going through. Bankruptcy may seem like the end, but the truth is it is simply a new beginning. Through competent and compassionate legal representation with Toscano & Wilson, things can only get better. Give us a call, tell us your story, and start to feel better about your financial situation.

  • The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, messages, and emails. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until an attorney-client relationship has been established.

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