Columbia Chapter 13 Bankruptcy Lawyers
Serving South Carolina
Chapter 13 is a reorganization under the Bankruptcy Code. Under Chapter 13 the debtor files a plan with the court that provides for payment of at least a portion of his or her debts over a period usually between three and five years.
The plan will require the debtor to make a single monthly payment to a Chapter 13 trustee who takes the money and distributes it under the terms of the debtor’s plan. Your monthly payment is generally determined by the amount you are able to pay after providing for reasonable living expenses. The debtor’s plan usually stands if it is feasible and properly addresses each of the creditors. The creditors can object to the plan, but objections are most often resolved by negotiations. Meredith Law Firm LLC, with offices in North Charleston and Columbia, represents people across South Carolina.
Stop Foreclosures With Chapter 13 Bankruptcy
Chapter 13 is often the correct choice for individuals who do not properly fit in Chapter 7 because their budget does not comply with the Chapter 7 insolvency requirements. That means you cannot have disposable income remaining in your budget after payment of all of your reasonable monthly living expenses not including payments toward any of your debts or you possess valuable assets that might become threatened in a liquidation under Chapter 7.
Current law allows you to remake certain debts, like car loans, to lower the monthly payments and usually reduce the total amount of the loan. You can catch up on missed mortgage payments, stop foreclosures and protect your home. In most cases unsecured creditors (like the ones you owe on credit cards and medical bills, etc.) can receive as little as five percent of what they are owed with no interest.
Contact Our Charleston Debt Repayment Plan Attorneys Serving Surrounding Communities
If you would like to discuss your case with one of our experienced Columbia Chapter 13 bankruptcy attorneys, contact us today to schedule a free initial consultation. Call our North Charleston Office at 843-410-3961 or our Columbia Office at 803-753-7351 or our Myrtle Beach office at 843-353-3553. Our offices are open Monday through Friday from 8:30 a.m. to 5:30 p.m. Our lawyers look forward to assisting you.
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