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- Our Chapter 13 fee is a flat rate of $3,500.00 with $1,500.00 deposit due upon signing the fee agreement.
Chapter 13 bankruptcy differs from Chapter 7 in that there is typically a repayment plan set up to pay back some of your debt. Typically Chapter 7 is more desirable as its quick and eliminates debts, but some people do not qualify because they earn too much money and some people prefer Chapter 13 because it can help pay past-due mortgage payments and car payments. Chapter 13 is like Chapter 7 in that you can only keep exempt property and if you want to keep secured property then you also keep paying the debt. A Chapter 13 repayment plan lasts from 3 to 5 years during which the debtor is required to make monthly payments. The amount of the payment depends on the plan. The attorney proposes a plan that is the least amount possible based on the debtor's income, their monthly expenses, and what they owe. Some plans pay as little as 1 or 2 percent of what is owed to the unsecured creditors. Other plans may pay a much higher percentage. The plan payments might also include past-due payments on secured debt if the debtor is behind on mortgage or car payments.
The debtor is required to make the plan payment each month. If the payments are not made then the debtor's case may be dismissed. If the debtor's circumstances change and they cannot not make plan payments then they might be able to convert their case to Chapter 7. Sometimes circumstances change for the better and the debtor has some extra money. The extra money can be used to pay off the plan early and the debtor will then receive an early discharge
For more information regarding a chapter 13 bankruptcy or to discuss other options for your financial situation, call our office for a FREE consultation.
704-663-0772
CHAPTER 13 BANKRUPTCY
