Even if you cannot qualify for debt relief through Chapter 7 bankruptcy, you may still be able to file under Chapter 13, which is in many ways superior. A bankruptcy attorney from Tolin & Tolin, PLLC can guide you through the process of preparing your petition and will represent you in court, working to help you take full advantage of this opportunity. Our legal team strives to deliver professional, compassionate service to earn your trust as a client into the future.
In a Chapter 13 bankruptcy, the debtor is not granted an immediate debt discharge as in Chapter 7. It is designed for individuals whose income is sufficient to continue repayment, but who cannot realistically satisfy all their debts any time in the near future. If you find that the majority of your paycheck goes toward loan payments and you barely have enough left over for your daily expenses, you will likely be eligible for Chapter 13 debt relief.
Chapter 13 Debt Restructuring
A Chapter 13 bankruptcy will give you the opportunity of discharging your debt after a 3 or 5 year period of repayment. An attorney from our firm will help you propose a repayment plan which satisfies the expectations of the court but still leaves you with sufficient funds to pay for your daily expenses and to live comfortably. If you have been threatened with foreclosure, you may be able to include your missed payments in the repayment plan, allowing you to catch up over a longer period of time. At the end of your payment period, your creditors will be legally forbidden from taking action to recover any outstanding balance on your loans.