When you are faced with mountains of debt, every day can seem like a struggle. As late fees and interest pile up, so do your worries. How will I afford to pay for gas and groceries this week? If the bank repossesses my car, how will I get to work?
At The Rollins Law Firm, our Jackson, MS bankruptcy attorney will provide you with the sensitive counsel and legal resources you need to succeed. When everything seems to be falling apart, we work to help you piece your finances back together.
Remember that it is never too late to reach out for help. Contact us today for your FREE initial consultation. 601-202-3942.
How Chapter 13 Bankruptcy Can Help
Chapter 13 Bankruptcy can assist you in reducing or eliminating your debt, including credit card bills, medical bills, utility payments and some types of loans. Once you file, an automatic stay will be placed on your creditors, stopping all phone calls and other methods of debt collection.
Chapter 13 Bankruptcy is especially beneficial to a person who is behind on their mortgage payment or has other secured debt because a Chapter 13 allows you to pay the arrears or back debt through the Chapter 13 “plan” and keep your home.
The Chapter 13 plan is usually 3 or 5 years. It essentially consolidates the debt into a manageable monthly payment plan. The plan accounts for your living expenses first, and then the plan payment is determined by the amount of your leftover income.
Chapter 13 is only available to individuals that have a regular income because the debtor is required to make monthly payment for 3 or 5 years after filing. If a person has too much debt (roughly $900,000 secured or $300,000 unsecured), they may be disqualified from filing and will only be allowed to file Chapter 7 or 11.
The biggest advantage of filing Chapter 13 is that the debtor usually gets to keep all of their property. Any amount that you are behind on mortgage payments can be paid through the Chapter 13 plan. Depending upon your individual circumstances however, a Chapter 7 bankruptcy may also be a suitable course of action.
Bankruptcy and Home Foreclosure
The thought of losing your home through a Foreclosure can be frightening. Fortunately, there are options available to you. One of those options is a Chapter 13 bankruptcy. Immediately after filing, the foreclosure process will be halted, giving you time to evaluate your financial situation and think carefully about the next step.
At The Rollins Law Firm, we will work together with you to create a plan that could save your home. This might involve communicating with your lender to lower interest rates or arranging a payment restructure. No matter how complex your case, our lawyer is here to help.
Find Relief From Debt Today
Contact a knowledgeable Jackson, Mississippi, bankruptcy attorney with The Rollins Law Firm, at 601-202-3942 and schedule your FREE initial consultation. We have the resources you need to start living debt free.
For additional information regarding bankruptcy, please visit our blog.