Savannah, Georgia (GA) - Chapter 13 Bankruptcy Lawyer
Chatham County GA - Chapter 13 Bankruptcy Attorney
Chapter 13 Bankruptcy
Chapter 13 eligibility is contingent on the fact that the individual's unsecured and secured debts are between certain dollar amounts that are adjusted annually by statute. Only individuals can file for Chapter 13 Bankruptcy. A corporation or partnership cannot file for bankruptcy under Chapter 13.
A chapter 13 bankruptcy is also called a wage earner's plan. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 is designed for individuals with regular income who want to pay their debts but are unable to do so in a timely manner. The purpose of Chapter 13 is to enable financially distressed individual debtors to propose and carry out a repayment plan under which creditors are paid over an extended period of time generally three to five years. During this time the law forbids creditors from starting or continuing collection efforts. Most debts will be discharged by chapter 13 bankruptcy but the debtor may have to pay off certain debts.
Debtors in Chapter 13 bankruptcy can keep their assets if they make payments according to the repayment plan. The repayment plan is supervised by the court. If the repayment plan exceeds three years, the debtor must show cause. Repayment plans exceeding five years will not be approved by the court.
A Chapter 13 petition must be filed in the bankruptcy court. The petition must include:
- A list of all creditors and the amounts and nature of their claims;
- The source, amount, and frequency of the debtor's income;
- A list of all of the debtor's property; and
- A detailed list of the debtor's monthly living expenses including food, clothing, shelter, utilities, taxes, transportation, medicine, and so on.
At the time of filing the petition, the debtor must also submit the following:
- Schedules of assets and liabilities;
- Schedule of current income and expenditures;
- Schedule of unfulfilled contracts and unexpired leases; and
- Statement of financial affairs.
An impartial trustee is then appointed by the court. The trustee’s has the responsibility of collecting the payments from the debtor and paying off the creditors according to the repayment plan.
The petition must be accompanied with a filing fee of $274. The debtor may petition the court to pay this fee in four installments.
A husband and wife filing jointly need to pay the fees only once. But if only one spouse files for bankruptcy, the court will need the financial information about both spouses to evaluate the couple’s financial situation.
From our offices, we help clients in Savannah Georgia, Richmond Hill, Hinesville, Chatham County, Bryan County, Glynn County, McIntosh County, Liberty County, Long County, Evans County, Bulloch County, Effingham County, Toombs County, Port Wentworth, Pooler, Garden City, Tybee Island, Bloomingdale, Isle of Hope, Pembroke, Darien, Brunswick, Statesboro, Coastal Empire, Rincon, Springfield, Lyons Vidalia, Claxton, Metter, Swainsboro, Baxley, Jesup, McCrae, Valdosta, Waynesboro, Wrightsville, Fort Stewart Army Base and Hunter Army Airfield We can help you file for bankruptcy. Call (phone) now.
Our bankruptcy attorneys are based in Savannah, Georgia (GA). From our offices, we help clients in Savannah Georgia, Richmond Hill, Hinesville, Chatham County, Bryan County, Glynn County, McIntosh County, Liberty County, Long County, Evans County, Bulloch County, Effingham County, Toombs County, Port Wentworth, Pooler, Garden City, Tybee Island, Bloomingdale, Isle of Hope, Pembroke, Darien, Brunswick, Statesboro, Coastal Empire, Rincon, Springfield, Lyons Vidalia, Claxton, Metter, Swainsboro, Baxley, Jesup, McCrae, Valdosta, Waynesboro, Wrightsville, Fort Stewart Army Base and Hunter Army Airfield We can help you file forChapter 13 bankruptcy. Call (phone) now.