Chapter 13 Bankruptcy Lawyers in Metairie
Offering Clients the Highest Quality Legal Service
Chapter 13 bankruptcies may be a good choice for both qualified individuals and couples who seek a way to reorganize how they repay their debts. In a Chapter 13 filing, debtors may keep their home, cars, and other possessions as long as they keep up with their established repayment plan.
Would you like free legal advice regarding your options? To learn more, contact the Metairie bankruptcy attorneys at Grand Law Firm online. We can also be reached at (504) 608-5208.
“Bill Consolidation Bankruptcy”
A Chapter 13 bankruptcy is also commonly known as “bill consolidation.” After filing, the debtor or debtors and their lawyer submit a proposed repayment installment schedule to be paid out to a Trustee, rather than each individual collector. The Trustee will then distribute the payment according to the approved and current schedule.
Grand Law Firm understands that Chapter 13 often presents a legal solution to get debtors out from under their financial hardships, but it may not be right in every case. Our qualified Metairie bankruptcy lawyers can sit down with you during a free case evaluation and consultation to discuss your rights and options.
Chapter 13 vs. Chapter 7
Bankruptcy is a big choice during an already overwhelming time. Understanding the types of bankruptcy, namely individual versus reorganization, can help you understand what filing may mean for you.
In Chapter 7, an individual debtor liquidates some or most of their property to pay back their debts, keeping personal items like clothes and furniture. Chapter 13, on the other hand, allows you to keep all property and repay some or all debts over a period of 3 to 5 years.
Requirements
In both types of bankruptcy, a debtor must undergo financial counseling within six months before filing. Debtors must also go through an education class after filing and before the debt discharge is finalized.
Certain paperwork must also be filed. This includes:
- Proof of income for six months prior to filing
- Documents related to your real property
- Monthly expense reports, including utility costs
- Tax returns from the past two years
- A credit counseling certificate
- Any other paperwork related to the debts
Moving Forward
Grand Law Firm helps debtors file for bankruptcy relief. Though taking the next steps may seem intimidating, we will help make the process as easy as possible. After your free consultation, we will assist you in identifying a legal plan of action and discuss the next steps.
Why wait? Call our Metairie Chapter 13 bankruptcy attorneys today at (504) 608-5208.