Chapter 13 Bankruptcy Attorney

Chapter 13 bankruptcy allows an individual who has a regular income, but is struggling to keep up and allows them to enter into a repayment plan that works with their budget.

With a Chapter 7 bankruptcy discharge, most unsecured debts are wiped out, and you don’t have to repay them. So the question naturally arises as to why anyone would choose to file a Chapter 13 and repay a portion of his debts. Chapter 13 can offer many advantages over Chapter 7. In most instances, a Chapter 13 bankruptcy case is filed to stop a foreclosure on the individual’s home, or to stop a car repossession. A Chapter 13 Plan proposes to pay any past due amounts on your mortgage or auto loans over a period of 3 to 5 years, allowing the individual to keep their house and car. You are still responsible for resuming the “regular payments” after filing Chapter 13. If your car has been recently repossessed, a Chapter 13 case filing will require the lender to return the car to the individual.

Another reason for a Chapter 13 case filing is due significant equity in your home or other assets. If you have too much equity in your real estate and you file a Chapter 7 petition, the bankruptcy judge may order the trustee to sell your home in order to pay your creditors. In this situation, Chapter 13 may allow you to keep your home. A Chapter 13 case may also be necessary because the individual has a monthly income that is too high to qualify for a Chapter 7. There is a process of assessing if your income is too high to file Chapter 7. This is known as the “Means Test” and this will be explained to you at your first meeting with your local bankruptcy attorney. Other benefits include “valuing” auto liens to pay the value of the car rather than what is owed and valuing IRS tax liens in some situations. 

If you feel overwhelmed because of high debt balances and are unable to pay your monthly bills, filing Chapter 13 may be the fresh start that you need. There are requirements you must meet and our South Carolina chapter 13 bankruptcy lawyer, Daniel Stone, will be happy to discuss your individual situation with you.

When you hire Stone Law Firm, you can rest easy knowing that the counsel you receive is backed by over 20 years of experience. Every case we take is examined with care and great attention to detail, and we help clients find the solution that works best for their specific situation.

We serve clients all over South Carolina with office locations in Columbia, Florence, and Greenville. If you are looking for an experienced chapter 13 bankruptcy attorney in SC, contact us today to learn how we can help you with your debt! Call (803) 389-0408 or request an appointment using our online form.