Chapter 13 Lawyers in Little Rock, AR Helping You Understand Your Options
If your wallet is feeling the strain and debt has you in a bind, wh Law can help alleviate your worries. Our experienced team will guide you through this difficult period so that financial freedom becomes within reach once again.
With the introduction of Chapter 13 in the U.S Bankruptcy Code, our attorneys have assisted countless individuals to regain control over their finances and get back on track with their lives. We are committed to helping everyone affected by financial struggles achieve this goal!
Our organization is passionate about helping our clients rise to success. We take extra precautions in studying each situation intently and ensure that we are familiar with the client’s story before beginning any work.
Our solutions are tailored specifically for you and will benefit your present and future needs. We prioritize what is best for our customers first, no matter the circumstance.
What Is Chapter 13 Bankruptcy in Little Rock?
Filing for Chapter 13 bankruptcy provides an excellent solution for those in need of debt relief. This allows you to rid yourself of some debts and reorganize the rest, enabling you to pay off these obligations with minimal costs while still retaining ownership over your house, car, and other possessions.
Chapter 13 offers a unique opportunity to settle your debt in an orderly, stress-free manner. When you file for bankruptcy, the court will give creditors and collectors strict orders not to contact you again. Additionally, with Chapter 13 there is no need to worry about being subjected to property or asset forfeiture like other forms of bankruptcy! With this option, you can arrange payments over 3-5 years and begin fresh after that period ends.
Chapter 13 offers a fresh start and an opportunity for you and your family to revitalize. It will also help improve how you feel, both mentally and emotionally.
The Many Advantages Of Chapter 13 in Little Rock
By opting for a Chapter 13 repayment plan, you can significantly reduce or even eliminate your unsecured debts and forget about creditors disturbing you. You only need to pay the portion of the debt that you are financially capable of covering – gradually! A monthly payment plan is available to you that ranges from at least 36 months up to a maximum of 60, based on your current financial situation.
Upon completion of the plan, you will have no more debt payments to worry about and can hold onto your possessions – minus any that you choose to sacrifice.
In Little Rock, filing for bankruptcy under Chapter 13 is the most popular option due to its short-term and long-term benefits. Plus, it’s less severe than a Chapter 7 bankruptcy.
- Stop foreclosure —If you owe money for mortgage fees, these can be included in your payment plan.
- Stop repossession – You can keep your car and put your late payments into your plan.
- Prevent wage garnishment — Your take-home pay will not be seized by creditors. It will also stop wage garnishment if it has already started.
- End the creditor harassment — No more annoying phone calls or threatening letters. The automatic stay prevents creditors from contacting you or taking any legal action against you to attempt to collect a debt.
- Free yourself from constant stress.
Chapter 13 and Unsecured Debt
When filing for bankruptcy and determining your monthly payments, you usually only need to pay out secured creditors. That being said, unsecured debts may be exempt from repayment if your disposable income is not above the legal threshold specified by bankruptcy laws. As a result, this can reduce the number of regular payments you are required to make on a month-to-month basis.
How the Chapter 13 Bankruptcy Process Works
Filing for Chapter 13 bankruptcy provides you with a 3-5 year payment plan to pay off most of your debt. Unlike other bankruptcies, the benefit of this particular filing is that you can retain possession and ownership of your property, even if payments on them are in arrears. So say goodbye to worries about foreclosure or vehicle repossession!
To benefit from Chapter 13, you must be able to make regular payments. Doing so will help bring your finances up-to-date by the end of the scheduled duration and is often a preferred solution in such cases.
- If you’re unable to keep up with your mortgage payments, devastating consequences can follow. Your home may be taken away from you–a process called foreclosure.
- Struggling to make ends meet? You can take control of your debt, even if you don’t have the funds right now. With additional time and a strategic plan, you will be able to pay off your credit card debts and other financial obligations.
- You have a property that is not exempt and you don’t want to lose it. You also have enough income to pay creditors over time.
If your debt has become too difficult to manage due to high-interest rates or making timely payments, Chapter 13 could be the solution you need. This will allow you to pay off some of your debts while maintaining control over the rest.
As part of your Chapter 13 plan, you will make regular payments to the trustee who is in charge of distributing these funds. Not all creditors are eligible for repayment, but those that qualify can expect to be fully paid off over time.
While repaying your Chapter 13 debt, you are prohibited from obtaining more credit without the authorization of a court. Most debts can either be eliminated or lessened during this time period; nevertheless, any remaining unsecured debt will be excused after the repayment term ends.
Chapter 13 Discharge
Once you’ve alleviated the burden of your Chapter 13 Plan, the bankruptcy process follows through to its conclusion and rewards you with a discharge. This relief is what everyone desires when they first file for bankruptcy – the freedom that comes from being discharged.
When you receive a bankruptcy discharge, creditors must leave you alone; if they attempt to collect on the debt, then according to bankruptcy law, you can take legal action in the form of suing them. This is possible because all debts are paid off in full by your payment to the bankruptcy trustee.
Who Should File for Chapter 13 Bankruptcy?
If you have a steady source of income and assets that you wish to keep, then filing for Chapter 13 bankruptcy could be the best solution.
If you are feeling the strain from your financial woes, bankruptcy might be the answer for you. Speak with a Little Rock bankruptcy lawyer to see if this path is suitable for you and can help alleviate some of that stress and anxiety.
How a Little Rock Chapter 13 Attorney Can Help
At wh Law, we are devoted to furnishing prospective clients with the finest advice and solutions. To ensure that you obtain a tailored understanding of your debt relief options, we provide complimentary strategy meetings to assess if Chapter 13 bankruptcy is apt for you! With our specialized guidance, you’ll have a well-informed decision on which path to take moving forward.
Persevering, we will begin by exploring your individual circumstances. Our proficient Chapter 13 bankruptcy attorneys will thoroughly investigate your financial situation and develop a plan tailored to you. Moreover, they’ll work with you in creating an appropriate budgeting system that keeps money within reach.
Thereafter, we’ll strive relentlessly to complete the entire bankruptcy process rapidly so that our clients may resume their life as soon as possible. Above all else, we are devoted to helping those who seek our assistance and doing whatever is necessary for them to prosper once more financially without setbacks or difficulty!