Face Your Debt Head On with Chapter 13 Lawyers in Cabot, AR
Find Real-Life Solutions to Real-Life Debt With WH Law’s Cabot Chapter 13 Attorneys
Are you a regular person caught in the throws of unrelenting debt? If so, filing for Chapter 13 bankruptcy may be your first step toward financial freedom.
Where other firms may hide behind confusing tactics, a pile of technical jargon, and high rates, WH Law tells you how it is (the first time around) and at a rate that won’t make your debt higher.
Stop dodging those pesky collection calls and feeling painfully bad when you do so. Partner with WH Law and let us protect you from growing debt, legal pains, and the hassle of finding local help.
Cabot residents looking for honest, nonjudgmental legal action will find us to be the straight-shooting firm they need.
Contact our Cabot bankruptcy lawyers to start buckling down on your debt.
The Truth about Bankruptcy Law
Bankruptcy, in layman’s terms, is the legal process of gaining control over your debt, whether through payment or court assistance. Either way, you’ll move through life knowing you’ve got a handle on your impending, overwhelming, or substantial debt.
The goal of filing for bankruptcy is to secure a transparent payment plan that is recognized by collectors.
When you legally file for bankruptcy (in this case, with help from the best), two things can happen:
- You’re relieved of all outstanding debt (medical bills, car loans, credit card debt) without stipulations.
- You can set up a personalized payment plan to help break down your debt in a way that works for you.
Although filing for Chapter 13 bankruptcy gives you comprehensive relief, it splits the things you need to pay off into two categories:
Secured Debts
Think of these debts as things you’ve ‘secured’ through long-term payments like mortgages, car payments, or home equity loans. Each must be paid off following a specific plan, and if you fail to do so, that’s another uncomfortable notch on your debt bedpost.
Unsure about how to handle your secured debts? First and foremost, know you’ve got control.
Our experienced Cabot Chapter 13 attorneys can help you break down your debts charge by charge, leading to complete debt relief.
Collectors typically recognize the following debts as secured:
- Mortgages
- Auto Loans
- Secured Credit Cards (Act as Collateral)
- Home Equity Loans
- Share-Secured Loans
Unsecured Debts
Unsecured debts, on the other hand, are pay-by-availability. You don’t need to pay according to a lender-specific timeframe, as these debts usually take time, like medical bills or credit card debt.
The catch: items or assets considered unsecured debts can be taken back by the lender at any time.
If you’ve missed a few too many payments or failed to notify the lender of your situation, they can take away what you’ve worked so hard to pay for just like that.
Every month when you make your credit card payment, you shake off a portion of your unsecured debt. Our team can help you create a plan to pay off overwhelming debt simply by better understanding what you’re looking at.
Can these debts be paid off in chunks? Or will they require a bigger financial or emotional commitment than you were expecting?
Here are a few commonly recognized unsecured debts:
- Credit Card Balances
- Personal Loans
- Medical Bills
- Cell Phone Bills
Gain some traction in your fight against personal, business, or familial debt by speaking to an experienced bankruptcy lawyer today.
Bankruptcy: What Can It Look Like?
Bankruptcy, like most legal proceedings, has many faces. For Cabot residents, it may look like filing for immediate legal protection against collector harassment, like calls, multiple emails, and in the worst cases, court hearings.
Corporations might file for bankruptcy (most commonly under Chapter 7 or Chapter 11) to show creditors that they are trying to find a way to get them back.
They show that they intend on paying off their debts by liquidating or getting rid of all inventory as a form of payment. If you’re confused about which type of bankruptcy is right for you, check out WH Law’s complete guide to filing bankruptcy.
Now that you know what the bankruptcy process is and does, what exactly is Chapter 13?
Chapter 13 Bankruptcy
Before we tell you what Chapter 13 bankruptcy covers, think about what you’re trying to protect. Is it high-level assets like properties or vehicles? Or, smaller, everyday possessions such as clothes or non-protected items?
While other types of bankruptcy require you to give up your assets in full, Chapter 13 allows you to keep things you need to keep living: your car, your house, and some household items.
The honest truth is that Chapter 13 bankruptcy is the best way to get out from under debt at a rate that’ll actually get you moving.
When you file for Chapter 13, you’ll need to create a repayment plan to pay off the remainder of your non-exempt or ‘luxury’ possessions. You’ll work in tandem with WH Law’s legal team to break down how much you can pay and on what item before your slate is cleared for good.
Consider the limits of Chapter 13’s protection against unrelenting debt:
What can it do?
Individuals who receive regular income and have a sum of secured and unsecured debt less than $2,750,000 can qualify for Chapter 13.
Chapter 13 bankruptcy can provide you with the relief you need to pay off greater, high-cost debt. Things you have on loan, like your home or car, must be paid under existing payment plans.
WH Law can be helpful in the Chapter 13 filing process because we can help get rid of the possessions you don’t truly need.
We’ll guide you toward releasing these items to the collectors you got them from, start the repayment process, and chip away at your total sum.
What can’t it do?
Some debts cannot be claimed under Chapter 13. Unless under extraordinary circumstances, the following debts cannot be wiped away by a Chapter 13 bankruptcy filing:
- Student Loans
- Child Support or Alimony
- Taxes
- Fraud-Related Charges
If you’re dealing with a debt that doesn’t fall under any of these limitations, contact us.
We’ll guide you toward greater relief even with the odds stacked against you.
Tired of Being Owned by Your Debt? Call WH Law in Cabot
Has the thought of dealing with overdue, unwanted, and just plain unjustifiable bills been keeping you down? Call our Cabot Chapter 13 law firm and get your head out from under collector water.
With us, it’s easy to understand what can be controlled and what might take some time. Talk to an attorney who gets it and start living freely today.
