Chapter 13 Bankruptcy

Lexington Chapter 13 Bankruptcy Attorneys

Chapter 13 bankruptcy has been referred to as the "wage earner" bankruptcy. To file for Chapter 13, you must have a reliable source of income that you can use to repay some portion of your debt. To qualify, your secured debts must be less than $922,975 and your unsecured debts less than $307,675.

More Good News

Once we have that starting point for your case, our Chapter 13 bankruptcy lawyers at Bunch & Brock, Attorneys at Law, in Lexington can take it from there. We'll use our well-known experience and penchant for hard work to handle budgets, plans, contract obligations, methods of dealing with your secured creditors, filing fees, and various meetings during the bankruptcy process.

At Bunch & Brock, Attorneys at Law we will safeguard your interests in any bankruptcy proceeding whether you are a day laborer, owner of a sole proprietorship, or CEO of a large corporation. You have a right to quality representation in your bankruptcy case. Call 859-254-5522 today to set up an initial meeting with one of our experienced bankruptcy attorneys.

Our goal is always to obtain a discharge of debts, once payments have been made under the bankruptcy plan. The good news: we've attained that goal for a multitude of Chapter 13 clients in central Kentucky over our thirty-year history as a bankruptcy law firm.

Chapter 13 vs. Chapter 7

When you file a Chapter 13 bankruptcy, you have the opportunity to repay some or all of your debts, in better terms, and preferably at lower interest rates. Unlike Chapter 7, which involves liquidation of assets, this process allows the debtor to use future income to satisfy creditors. The entire process is carried out under the supervision of the courts.

The U.S. Bankruptcy Code gives you a ceiling of five years within which to pay back creditors. The minimum amount you'll have to repay depends on how much you earn, how much you owe, and how much your unsecured creditors would have received if you had filed for Chapter 7.

If you have secured debts, Chapter 13 gives you an option to make up missed payments under your loan contract to avoid repossession or foreclosure. You can include these past due amounts in your repayment plan and make them up over time. At Bunch & Brock, we're all about educating you about your options to avoid foreclosure whenever possible.

The Advantages

One plus that comes with a Chapter 13 filing over a Chapter 7 is the full discharge option, which is not applicable under Chapter 7. If you, the debtor, complete all necessary payments in the plan, you're given a full plan discharge. Yet another advantage of Chapter 13 is that a repayment plan can be created even if creditors disagree with it, as long as it is approved by the Court.

Call Us Soon

When dealing with your specific bankruptcy issue, time is of the essence. We'd like to hear about your situation as soon as possible. So schedule your initial consultation right away by phone, fax, or e-mail.