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Helping Good People Eliminate Their Financial Troubles

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.

No Money Down.

Get started on your path to financial freedom today. Contact our firm online or call (229) 354-4490 to set up a free initial meeting! Our Chapter 13 lawyer in Tifton is prepared to answer your questions.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows you to establish a repayment plan for your debts with your creditors using your disposable income. This form of bankruptcy does not require you to sell your home or other non-exempt assets. You can reorganize your debt into lower, more manageable payments for a plan ranging from three to five years. As long as you maintain your payments, you can discharge many of your debts upon completion of your plan. Filing for Chapter 13 helps many people regain control of their financial lives and save their homes.

Difference Between Chapter 7 & Chapter 13

The main difference between Chapter 7 and Chapter 13 is what happens to your property. Chapter 7 involves selling some or all of your property to pay off debts. Chapter 13 gives you a chance to keep property and pay your debts through a 3 to 5 year repayment plan.

Chapter 7 bankruptcy is typically the choice for those who do not have a home or have limited income. Whereas with Chapter 13, you must be earning enough income to pay your debt with disposable income.

What Are the Benefits of Chapter 13?

Filing for Chapter 13 can protect you from:

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

In addition to these protections, filing for Chapter 13 can also protect certain third parties who are liable on your consumer debts, such as certain co-signers. You also do not have direct contact with your creditors, instead making your payments through a Chapter 13 trustee.

Have more questions? Reach out to a Chapter 13 attorney in Tifton at Michael H. Turner P.C. Dial (229) 354-4490 to schedule a free initial consultation.

How to Qualify for Chapter 13

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

  • You have enough disposable income to repay your debt.
  • Your debts are within the limits.
  • Your income tax filings are current.
  • In the last 4 years, you have not filed for Chapter 7 bankruptcy.
  • In the last 2 years, you have not filed for Chapter 13 bankruptcy.
  • You have not filed a petition for Chapter 7 or 13 that was dismissed in the last 180 days for certain reasons like failing to appear in court.

Below are more details about Chapter 13 eligibility.

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.

Considering bankruptcy? Call (229) 354-4490 to speak with an experienced Tifton Chapter 13 attorney today.

How to File a Chapter 13 Bankruptcy

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

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 and no money down, 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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