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Chapter 13: Debt Relief Through Payment Plans

You’re working, but you keep falling farther behind. Debt collectors are hounding you and maybe threatening to foreclose on your house or repossess your vehicle.

Chapter 13 bankruptcy stops creditor actions today and allows you to spread out your debts over time. The attorneys of Ward & Spires, LLC, have helped many Georgians save their homes and get back on track after financial setbacks. Call our Augusta law office at 706-250-7797 to explore your debt relief options.

Chapter 13 Bankruptcy Could Be The Solution

Chapter 13 is also known as a wage earner plan or repayment plan. It is for people who are struggling financially — able to pay some of their debts but never able to get all the way caught up.

Under Chapter 13, you make one monthly payment to a bankruptcy trustee for 36 or 60 months. The trustee distributes that money among your creditors. The amount of your payment is based on your ability to pay (available income after debts and expenses). At the end of your plan, any remaining unsecured debts are forgiven.

Immediate Relief From Creditor Actions

Filing for Chapter 13 relief imposes an automatic stay on your creditors, including:

  • Creditor harassment – Creditors and third-party debt collectors cannot call you or pursue you for debts.
  • Garnishment of wages – Collection agencies cannot take your paychecks.
  • Vehicle repossession – You can keep your car or truck (or get it back).
  • Home foreclosure – If you are able to stay current on house payments, your mortgage arrears are rolled into your payment plan.

Chapter 13 Vs. Chapter 7

Chapter 13 is typically for debtors (a) who earn too much to file Chapter 7 or (b) who are behind on their mortgage or car payments but want to keep those assets. In Chapter 7 bankruptcy, the court may seize some of your property to pay creditors. In Chapter 13, you do not forfeit any property.

Our lawyers will help you decide which option is best for you. If you file for Chapter 13 relief, our role is to make sure the payment plan is fair and realistic. We can also leverage special provisions of Chapter 13, such as discharging a second mortgage or refinancing your auto loan.

Relief Is A Phone Call Away

Our experienced bankruptcy attorneys can answer your questions and guide you through the legal process. To schedule a consultation, call Ward & Spires, LLC, at 706-250-7797 or contact us online.

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