Dayton Chapter 13 Bankruptcy Attorneys
Dayton Chapter 13 bankruptcy
It is important to understand the requirements and limitations of a Chapter 13 bankruptcy and whether it meets your financial needs. The experienced Dayton bankruptcy attorneys at Fox & Associates Co., L.P.A. can explain what is involved and help you make informed decisions.
While bankruptcy is not right for everyone, when it is appropriate it can provide considerable relief.
Chapter 13 bankruptcy is an option for individuals and sole proprietors with insurmountable debt problems. However, corporations and partnerships may not file Chapter 13, and must resort to Chapter 11 or Chapter 7 bankruptcy for bankruptcy relief.
A stable source of income, considerable assets, or non-exempt property not protected in a Chapter 7, as well as the ability to make a monthly payment to a trustee, are usually the circumstances that make Chapter 13 the right choice. Depending on your disposable income, your repayment plan may consist of a three-year or a five-year plan.
Eligibility to file Chapter 13
As with other types of bankruptcy, you must meet the necessary eligibility requirements for filing. Under the U.S. Bankruptcy Code 11 U.S.C. § 109(e), debtors have the following debt limits on filing Chapter 13:
- Unsecured debts must be less than $360,475
- Secured debts must be less than $1,081,400
Eligibility for filing Chapter 13 or any form of bankruptcy requires that you receive credit counseling from an approved credit counseling agency within 180 days before filing. Any debt management plans that are created during your counseling must also be filed with the court.
Benefits of a Chapter 13 bankruptcy
Chapter 13 bankruptcy can offer the following advantages:
- An automatic stay (court order) stops foreclosure on your home
- You have more opportunity to cure delinquent mortgage payments
- Secured debts can be extended throughout the bankruptcy payment period
- Payments are often lowered
- Co-signers may be protected
- You are free from creditor contact
Discuss filing for a Chapter 13
Bankruptcy lawyers have experience dealing with all kinds of debt situations and can provide valuable legal advice. Bankruptcy rules, forms, and actions that creditors can bring against you often make the bankruptcy process complex. The U.S. Bankruptcy Court recommends that debtors consult legal counsel before filing to ensure they understand the scope of discharge available to them. Documentation is extensive and accurate paperwork can avoid delays or even denial. Receive the legal guidance you need. Contact Fox & Associates Co., L.P.A. online or call 937-258-3668 today to arrange a consultation. For your convenience, we have locations in Dayton and Huber Heights.