Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Experts

Chapter 13 bankruptcy, also known as debt reorganization, is the ideal option for people who have a good income and own valuable property that isn’t covered by the bankruptcy exemptions that are applicable in Georgia.

This type of bankruptcy is a great option for residents who are in arrears with secured debt payments like mortgages. It is also a very effective way to stop home foreclosures, reinstate mortgages, and remove junior mortgages in Georgia.

Chapter 13 also enables people to combine all their debts into a repayment plan that is mandated by the court, which is why it is called debt reorganization.

There are limits in terms of secured and unsecured debts, and it isn’t possible to cancel all your debts, which you can do with a Chapter 7. But an advantage is that a Chapter 13 bankruptcy attorney will enable you to discharge some of your debts and keep some of the assets that are currently attached to your current debts.

If you are threatened with car repossession or property foreclosure, a Chapter 13 bankruptcy attorney like me can step in and stop the repossession or foreclosure, even if the property is not exempt.

A Chapter 13 bankruptcy is quite a lengthy process that takes between three and five years to complete. During this time debtors must make regular repayments according to a formal repayment plan, which is why you do need to have a disposable income that enables you to make these repayments.

Why You Should Hire a Chapter 13 Bankruptcy Attorney

There are federal laws that govern bankruptcy in Georgia as well as bankruptcy exemptions introduced when the most recent bankruptcy laws came into effect in 2005. The exemptions relate to wages, real property in the form of a homestead exemption, insurance, pensions, alimony and child support, tools of the trade, and specific public benefits.

A Chapter 13 bankruptcy attorney like me understands the relevance of the Georgia exemptions and how they affect different types of bankruptcy, including debt reorganization. In any case, only an experienced Georgia bankruptcy attorney will be able to help you determine which chapter of bankruptcy will be best for you, based on your own unique situation.

An experienced bankruptcy attorney from my firm, the Law Office of SJK, will make recommendations based on your assets and liabilities.

How to Qualify for Chapter 13 Bankruptcy

There are certain requirements for debtors who wish to file for Chapter 13 bankruptcy. Most importantly:
  1. You must have sufficient income to be able to honor a repayment plan. There are median incomes for different sized households that are used to assess your ability to make repayments.
  2. Secured debts cannot exceed $1,010,650.
  3. Unsecured debts cannot exceed $336,900.
  4. You must meet the requirements of the Georgia means test. This takes a number of different factors into account including the type of debts and monthly income.

Reverse Mounting Debt and Financial Turmoil

If you are overwhelmed with debt and don’t want to be forced to sell valuable assets, the highly qualified attorneys at Kakol Bankruptcy can help turn your life around by stopping foreclosure, halting car repossession, and significantly reducing your debts.

Contact the Law Offices of Stanley J. Kakol to talk to a dedicated Chapter 13 bankruptcy attorney from my team of experts to get the process started now.