Chapter 13 Bankruptcy: Gradually Pay Down Debts And Protect Your Home And Property

Whether you're a small business owner who's fallen on tough financial times or you are a homeowner and simply can't keep up with your mortgage payments, there's no question that a heavy debt burden affects all aspects of your life — whether it's personally, professionally or financially.

At Troutman & Napier, PLLC, we are here to provide businesses and individuals in Lexington and throughout Kentucky with the counsel and representation they need to take control of their debts, make smart legal and financial decisions, and achieve a fresh start by filing for bankruptcy protection or other alternatives.

Paying Down And Discharging Debt Through Chapter 13 Bankruptcy

A big difference between Chapter 7 and Chapter 13 bankruptcy is that with Chapter 13 (often referred to as a wage-earner's plan), debtors don't liquidate assets to repay creditors. Instead, you will pay down debts gradually over a three- to five-year repayment plan. At the end of your repayment period, remaining qualifying debts will be discharged.

Some other benefits and advantages to filing for Chapter 13 protection include:

  • Save your home from foreclosure by catching up on delinquent mortgage payments
  • Make up for missed payments on other debts, including car loans, etc.
  • An automatic stay goes into place shielding debtors from creditor harassment
  • Restructuring of outstanding debts enables debtors to get a handle on their finances, consolidate their debts and come up with a practical repayment schedule where payments are made to a Chapter 13 trustee rather than each individual creditor
  • Debtors hold on to unsecured assets that may be liquidated during Chapter 7 filings
  • At the end of the repayment period, qualifying debts that have not been satisfied may be discharged

When you reach out to us at Troutman & Napier, our attorneys, including Gregory A. Napier, will look to make sure you understand your bankruptcy options. Also, we will help you explore all possible alternatives. If filing for Chapter 7 or Chapter 13 isn't the best option for you, we'll say so and help you pursue other opportunities for getting out of debt.

As a local firm with more than 30 years of experience helping people in our communities, we understand the frustration and fear many people feel when talking about debt and bankruptcy. Although we put on suits and ties and go to court, we are more than just lawyers, we are hardworking people who genuinely want to help you, our client, find a solution and achieve your goals.

Sit Down With Us And Ask Questions In Confidence

Sometimes reaching out for help is the most difficult step in the process. We encourage you to take that step and give us a call. To schedule a consultation at our law office in Lexington, call 859-253-0991.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.