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Chapter 13 Bankruptcy Attorney in Tifton, GA

Is Filing for Chapter 13 Worth It?

Between the struggling economy and other surprises life throws at us, such as the unexpected loss of a job, the death of a loved one or expensive medical treatments, bankruptcy cases have become more common. Filing for bankruptcy is never an easy decision. However, it is often a necessary one that helps many people keep their property and lower their debt payments to a manageable level.

If you’re considering bankruptcy, it’s important to consult a Tifton bankruptcy lawyer to find out which type of bankruptcy filing, Chapter 7 or 13, is right for you and your family. With over 5,000 cases handled, Michael H. Turner P.C. is here when you need us most.

Get started on your path to financial freedom today. Contact our firm to schedule a free initial meeting at (229) 354-4490!

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy helps you establish a repayment plan with your creditors. This form of bankruptcy often enables you to maintain your property, lower your payments, and discharge many of your debts. With payment plans that usually range from three to five years, filing for Chapter 13 helps many people regain control of their financial life and save their homes.

Filing for Chapter 13 can protect you from:

  • Repossessions
  • Foreclosure
  • Wage garnishment
  • Lawsuits
  • Creditor harassment
  • IRS liens

If you are overwhelmed by debt, our attorney in Tifton can help you determine if Chapter 13 bankruptcy is right for you.

Qualifying for Chapter 13

In order to qualify for a Chapter 13 bankruptcy filing, you need to prove certain aspects of your case.

Do You Have Enough Income to Repay the Debt?

To file for Chapter 13, you need to prove you have enough income to repay your debts, after paying for certain essential expenses or payments for secured debts. You can fund your Chapter 13 plan through a number of income sources, including regular wages, pension payments, disability benefits, and more.

Do Your Debts Fall Under the Debt Limitations?

There is a maximum amount of debt allowable under a Chapter 13 plan. This amount changes every three years. As of April 2019, the debt limitations are:

  • $1,257,850 of secured debt
  • $419,275 of unsecured debt

Are Your Income Tax Filings Up-To-Date?

You need to provide proof that you have filed your state and federal tax returns for up the past four years. You can provide returns or transcripts regarding your filings. If you need time to catch up on your filings, the court can postpone the proceedings, although this is not guaranteed.

Are You Filing as an Individual or Business?

You cannot file for Chapter 13 bankruptcy for any business in debt that you own. However, if you are the owner of a sole proprietor, debts related to your business will be included in the bankruptcy filing alongside your personal debts.

Filing for Chapter 13 in Georgia

When you file for Chapter 13, you must take several steps to prove your eligibility.

Steps for filing Chapter 13 include:

  • Attend an approved credit counseling session
  • Submit documentation proving you have enough income to repay your debt
  • Demonstrate your secured and unsecured debts fall within the legal limits

Discharging Debts in Chapter 13

After completing your repayment plan under Chapter 13, many of your debt balances can be discharged.

The following debts are eligible for discharge under Chapter 13:

  • Credit card debt
  • Medical bills
  • Uncollateralized personal loans

Notably, student loans are not dischargeable under Chapter 13 bankruptcy.

Compassionate Representation in Chapter 13 Filings

At Michael H. Turner P.C., we are committed to helping you through this difficult time. We know how challenging it is to deal with overwhelming debt, and we want to use our knowledge and experience to help you get your life back. With no fee for your initial meeting, we will address your case with the personal attention and dedicated service it deserves. We have over 20 years of experience and have handled over 5,000 bankruptcy cases in South Georgia.

Find out if filing for Chapter 13 is the right way to get your financial life under control. Contact us online or call our Tifton law office today at (229) 354-4490.

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