Chapter 13 Bankruptcy Attorneys Chattanooga
Purple Law Firm 423-899-0131
Chapter 13
Bankruptcy
Chapter 13 bankruptcy
is a Court ordered, Court supervised repayment plan.
The Debtor and his or her bankruptcy attorney prepare a
Chapter 13 Plan and submit the Plan to the Court for approval. The
bankruptcy Court appoints a Trustee to receive payments from
the Debtor, and distribute payments to the creditors. The Trustee also ensures
that the Plan properly deals with the creditors, and is vested with many powers
and duties. The basic terms of the Plan are as follows:
1. Pay all or most of total debts within a period of
36-60 months
2. Make regular payments to the Chapter 13 Trustee, usually through wage
assignment.
3. Deal with secured debts, unsecured debts, and certain other debts, like
taxes, etc.
Chapter 13 answers
Debtors in Chapter 13 receive the benefit of the
Automatic Stay from the moment of filing the bankruptcy
petition, as well as the stopping of all interest on unsecured debts, i.e.
credit cards. In some instances debtors are able to reduce the overall debt
through a Chapter 13, as well as surrender secured property and discharge any
remaining difference. Call or email Purple Law Firm to schedule a consultation
with an experienced Chattanooga bankruptcy lawyer. Our team (attorneys lawyers
and staff) will work with you to determine your needs, and help you to make the
necessary decisions.
There are many
requirements
that must be met prior to filing
bankruptcy. Don't make these
decisions alone, consult one of our
chapter 13 bankruptcy attorneys lawyers today. Our team will work
with you to determine your needs, and
help you to make the necessary
decisions. Call or email Purple Law
Firm to schedule a consultation with one
of our experienced bankruptcy attorneys in
Chattanooga.
Home
Contact
About
Practice
Bankruptcy
general info
Chapter 13 answers
The contents
of this page are intended for marketing purposes only and is not intended as
legal advice. Disclaimer
Our attorneys are expereinced in
bankruptcy but are not certified specialists. Disclaimer