Chapter 13 Bankruptcy
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Is Chapter 13 Bankruptcy The Right Choice For You?

When you are behind on your bills because of divorce, loss of a job, or medical and credit card bills, and you are facing foreclosure, repossession, or garnishments, if you want to keep your vehicle and home, you may need to file a Chapter 13 Bankruptcy case (also known as a “Wage Earners Plan”).

You must provide the courts with the following:

  1. A petition that includes schedules of your assets and liabilities, current income and expenditures, and a statement of your financial affairs with the bankruptcy court
  2. Certificate of credit counseling
  3. The last four years of your tax returns

When you file a Chapter 13 petition, the automatic stay stops all collection actions against you. You can no longer be harassed by collectors. All repossessions and garnishments must stop as well.

Restructuring Your Debt

A Chapter 13 proceeding restructures your debt into more manageable payments. It is possible to keep a home during a Chapter 13 proceeding, as long as regular mortgage payments are kept up. You will also be able to keep your cars, because it is a necessity for many to get to work.

You and your creditors that you owe money to are given the opportunity to meet with the trustee between 21 and 50 days after you file your petition. All creditors have the right to come to this meeting. During this meeting, the Chapter 13 trustee will make necessary changes to your repayment plan.

If you have too much debt and need to restructure your payments, Attorney Jack Setters has the experience you need to get your financial life back under control.

To prepare for your meeting, you should bring:

  • A recent copy of your credit report.
  • All bills from credit cards, loan companies, mortgage companies and more.
  • Any collection notices you have received, including those from medical bills, utilities and student loans.
  • Bank statements from the last three months from each of your bank accounts.

Call Today To Learn More About Your Debt Relief Options

At the law firm of James M. Setters, Attorney at Law, we will provide the information you need to make informed decisions about bankruptcy. Call our office in Dalton at 706-529-4783 or in Ringgold at 706-965-5220 or email through our website today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.