Fayetteville Chapter 13 Bankruptcy Attorneys

Find Effective Debt Relief with Help From A WH Law Bankruptcy Attorney

Living in a difficult financial situation often feels stressful and sometimes even hopeless, but there are ways to reach debt relief and truly move forward. One way is by filing for bankruptcy, and the best way to do that is with an experienced bankruptcy attorney.

At WH Law, we know how it feels to fall on hard times, which is why we’re passionate about helping our clients pay off their debts. Meet with our experts in bankruptcy law and enjoy debt relief sooner rather than later.

What is “Chapter 13” Bankruptcy?

Also called a “wage earner’s plan,” Chapter 13 bankruptcy allows individuals with a steady income to get relief from their debts through a debt repayment plan. According to the IRS, this includes wage earners and self-employed individuals.

When you file bankruptcy under Chapter 13, you’ll likely get a chance to work through and reorganize your heavy debts, allowing you to pay creditors back and keep more of your property.

Generally, to qualify for Chapter 13 bankruptcy, you must be a person who earns a wage. In addition, the total of your combined secured and unsecured debt must be less than $2,750,000 as of the date of filing for bankruptcy relief. You must also have completed a course on credit counseling within the last 180 days before filing for bankruptcy and have developed a debt management plan.

Differences from Chapter 7

You may hear about Chapter 7 bankruptcy, another bankruptcy type our team at WH Law specializes in. Though they are both ways to achieve debt relief, there are big differences between Chapter 13 bankruptcy and Chapter 7. Here’s a quick overview of Chapter 7’s key differences:

It wipes out most unsecured debts.
It takes around four to six months for the bankruptcy process to complete.
It doesn’t involve any repayment plan.
Chapter 7 does require you to pass a means test, comparing your income to the median income of the state to determine your qualification. If it is too high, you can’t file for Chapter 7.
Assets may be sold to repay creditors, but essential assets, such as your home, car, and other personal belongings, may remain.
Chapter 7 does impact your credit but allows you to rebuild sooner as it discharges your debts earlier.

Breaking Down the Chapter 13 Bankruptcy Process

Filing for Chapter 13 bankruptcy can seem intimidating and overwhelming, but our trusted Chapter 13 lawyers in Fayetteville, AR, will make it easier to handle. We won’t bury you in legal jargon or leave you out of the loop.

Starting here, we simplify the bankruptcy process, breaking down every step:

1) Decide on Filing for Bankruptcy

First, whether you do it alone or with a team of Fayetteville Chapter 13 bankruptcy lawyers, you start by deciding whether filing for bankruptcy is the right option for you. If you need help picking between Chapter 7 or Chapter 13 bankruptcy, schedule a free consultation with WH Law.

2) Gather the Right Paperwork

Once you’ve decided to file Chapter 13, you’ll have to gather all the necessary documents. That includes evidence of your income, like recent paycheck stubs, W2s, and tax returns, as well as documents of your secured and unsecured debts, like your mortgage and credit card balance. You should also have a detailed account of your monthly payments and expenses.

3) File Bankruptcy & Receive an Automatic Stay

After that, you or your lawyer will file an official petition with the bankruptcy court. If approved, you immediately get an “automatic stay,” which stops debt collection actions such as wage garnishment, home foreclosure, and even calls from your creditors. This will give you time to prepare your debt repayment plan and a little breathing room.

4) Create a Repayment Plan

From there, you will work on creating a scheduled repayment plan that fits your income and budget. You can work with us at WH Law to ensure your plan fits all expectations and bankruptcy laws. Once that’s done, you’ll send your plan to a court-appointed bankruptcy trustee, who will make sure it checks all the boxes.

5) Meet with Your Creditors

A month or so after filing for bankruptcy, you’ll attend a 341 meeting, also known as a “Meeting of Creditors.” This is where you will meet with your unsecured and secured creditors, as well as the bankruptcy trustee, who will ask questions about your repayment plan. We can help you navigate this meeting and help ensure you get the best outcome.

6) Make Payments & Follow the Plan

After that, the repayment plan is approved and finalized. Now, all you have to do is make your monthly payments to the bankruptcy trustee. The trustee will take your payments and distribute them appropriately to your creditors. Everything goes fine as long as you stay on track according to your repayment plan.

7) Take a Financial Management Course

One task you are required to do before you’re relieved of your debts under Chapter 13 is to take a financial management course. This course is meant to keep you from getting into debt again and ensure you remain on good footing once you finish your repayment plan.

8) Getting Discharged From Your Debts

After three to five years of following your debt repayment plan, along with fulfilling all the court requirements, you will finally receive a discharge. This means the court relieves you of most of your remaining debts, marking the end of your bankruptcy proceedings. By now, you should be free and clear and ready to make a fresh start.

Why Do You Need Chapter 13 Lawyers in Fayetteville, AR?

We won’t lie to you — it is possible to file for Chapter 13 bankruptcy by yourself. The forms and paperwork are all available free of charge to the public, and there are no rules against filing without a lawyer.

However, we at WH Law want to make it known that we’re here for more than just helping you file for bankruptcy. Our team helps clients understand whether they even need to file for bankruptcy and what chapter they should file under.

If you choose to file, we’re here to help you through the Chapter 13 bankruptcy process. We’ll help you gather the necessary documents, advise you on which debts can be discharged, and tell you what assets you’ll be able to keep once everything’s said and done.

We’ll also help prepare your paperwork and debt repayment plan and guide you through every step of the process, from beginning to end.

On top of all that, you should also remember that we’re a team of devoted Chapter 13 lawyers in Fayetteville, AR. That means our connection with you doesn’t end once you leave our law offices. We’ll keep up with your case, see how you’re doing, and do anything it takes to make sure you get the debt relief you need.

Signs You Should Talk to a Bankruptcy Attorney

You’re paying the minimum on overdue bills.
Your debts are growing, not shrinking from month to month.
All of your credit cards are maxed out.
You use credit cards to pay for everyday items, rent, and utilities.
You are getting consistent calls from collection agencies every day.
Creditors are threatening to sue you over unpaid debts.

Meet with Dedicated Fayetteville Chapter 13 Bankruptcy Lawyers at WH Law

File for bankruptcy and end your financial struggles. If you need help taking the first step, schedule a meeting with WH Law. Our team understands how overwhelming and confusing all the legal jargon can be, so we cut to the chase and give you all the info you need in clear-cut terms. File with us, and we’ll be with you every step of the way, making sure your filing is seamless and perfectly prepared for approval.

From beginning to end, our team will be there to help you complete your Chapter 13 bankruptcy process and gladly see you move on to a better financial future. Ready to get started? Then contact us today. We’re ready to help.