The Chapter 13 Repayment Plan
An important part of Chapter 13 Bankruptcy is the repayment plan. This plan helps you reorganize your debts so that you can regain control of your finances. When you file for Chapter 13 Bankruptcy, a trustee is appointed to your case and a meeting is set up to establish a repayment plan that gives you the opportunity to be able to repay your debts over a fixed period of time.
Filing for Chapter 13 Bankruptcy can be a complicated process for individuals who are not familiar with the intricacies of bankruptcy law. If you are considering bankruptcy, call the New Orleans Chapter 13 Bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 to get the dedicated legal help you need.
How Does The Chapter 13 Repayment Plan Work?
Chapter 13 is known as the “wage earner plan” because it is ideal for individuals who have a steady source of income. Making each payment in a timely fashion is a crucial part of any Chapter 13 repayment plan. Other common factors of these plans include:
- Paying off priority debts before the plan goes into action
- Including late fees and secured debts
- Using extra earnings to pay off unsecured debts
- Linking average income to the payment lengths
The Chapter 13 bankruptcy process may seem overwhelming for individuals without legal experience. However, an experienced bankruptcy attorney can help determine if Chapter 13 is right for you and provide the legal support you need at every step of the way.
Contact Us
If you or a loved one is considering filing for Chapter 13 bankruptcy, contact the New Orleans Chapter 13 Bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 for a free consultation.