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.
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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.
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
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Troutman & Napier, PLLC Counselors at Law
1910 Harrodsburg Rd, Ste 202
Lexington, KY 40503