Chapter 13 Bankruptcy Attorney in Murfreesboro, Tennessee
Frequently Asked Chapter 13 Bankruptcy Questions
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a type of bankruptcy that lets individuals with regular income reorganize their debts into a court approved repayment plan over three to five years. It helps you keep your property while paying back what you can afford.
How is Chapter 13 different from Chapter 7?
Chapter 13 focuses on repaying your debts over time through a plan, while Chapter 7 can eliminate many debts quickly without a repayment plan. Chapter 13 can help you catch up on past due mortgage or car payments and may allow you to keep secured assets.
Can Chapter 13 stop foreclosure and repossession?
Yes. Filing for Chapter 13 triggers an automatic stay that stops most foreclosure, repossession, wage garnishments, and creditor collection actions. This gives you breathing room while you work through your repayment plan.
Who qualifies for Chapter 13 bankruptcy?
To qualify for Chapter 13, you must have regular income and your secured and unsecured debts must fall within the limits set by the bankruptcy code. A bankruptcy lawyer can review your finances and explain whether you meet the requirements.
How long does the Chapter 13 process take?
The Chapter 13 repayment plan usually lasts three to five years. The exact length depends on your income, expenses, and debt level, as well as the plan approved by the bankruptcy court.
How do I get started with Chapter 13 bankruptcy?
The first step is to speak with a qualified bankruptcy lawyer who can review your situation, explain the bankruptcy process, and help you decide whether to file Chapter 13 or consider other options. Early guidance can make a difference in your outcome.
