The Chapter 13 Repayment Plan
When debtors face financial uncertainty, but still have enough financial means to disqualify them from Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy might be the best alternate option. In this type of bankruptcy, debtors create a repayment plan that allows them to pay creditors off over time. If you are in debt, utilizing Chapter 13 bankruptcy and a repayment plan can help you get started on the path to financial security.
If you are thinking about filing for Chapter 13 bankruptcy, you need a professional legal representative on your side to help you create your repayment plan and work through the process. To learn more about your legal options for getting out of debt and moving on with your life, contact our Raleigh Chapter 13 bankruptcy lawyers of the Bradford Law Offices, at (919) 758-8879 to schedule a free consultation.
How to Draft a Repayment Plan
Unlike Chapter 7 bankruptcy, where debtors have to liquidate property or assets in order to pay back creditors, filing for Chapter 13 bankruptcy lets debtors create a repayment plan so they can pay off creditors in a three to five year period. One important aspect of your repayment plan with which a legal professional can help you is determining which creditors to pay off first. Typically, debtors must pay debts off in the following order:
- Priority debts
- Secured debts
- Unsecured debts
Due to these and other issues, drafting a repayment plan can be a very complex process. Thus, the legal support of a qualified bankruptcy attorney can be invaluable.
Get started on drafting your repayment plan today by calling our Raleigh Chapter 13 bankruptcy attorneys of the Bradford Law Offices, at (919) 758-8879.