Chapter 13 Bankruptcy Lawyer Serving Shreveport
Facing unmanageable debt is a heavy burden that many in Shreveport experience daily. Mounting bills and the constant pressure from creditors can make life seem impossible. However, there is a responsible pathway out of this distress – Chapter 13 bankruptcy.
At the law office of Robert W. Raley - Bankruptcy Lawyer, our attorney understands the stigma around bankruptcy that many people fear. However, Chapter 13 bankruptcy is truly a proactive step toward regaining financial stability. Our firm, located in Bossier City, proudly serves Shreveport and the surrounding communities, offering knowledgeable legal guidance when you need it most.
Robert Raley, our dedicated Chapter 13 bankruptcy lawyer, brings 45 years of experience to each case. He is certified in both consumer and business bankruptcy law by the Louisiana Board of Legal Specialization and the American Board of Certification. He treats every client with individual care and compassion. He will be committed to helping you understand the Chapter 13 bankruptcy process and setting you on the path toward financial recovery.
What Can Chapter 13 Bankruptcy Do For You?
Life’s unpredictability can often leave well-intentioned people in overwhelming debt despite their best efforts to stay solvent. When you decide to file for Chapter 13, it immediately halts all aggressive debt collection activities, such as phone calls, wage garnishments, repossessions and potential home foreclosure.
In a Chapter 13 bankruptcy, the court will consolidate most of your debts into a manageable three-to-five-year bankruptcy payment plan. This plan will reflect your specific financial situation. This process helps protect your assets and sets up a feasible plan for repaying your debts without the overwhelming pressure from creditors.
What Types Of Debt Can You Include In A Chapter 13 Bankruptcy Payment Plan?
When you opt for a Chapter 13 bankruptcy, it allows you to address a broad spectrum of debts under the structured payment plan, such as:
- Credit card bills: These often represent a significant portion of people’s debt and can be included in the payment plan, potentially reducing the total repayment amount due.
- Medical expenses: Unexpected health care costs can quickly overwhelm you. Including these in your Chapter 13 plan can relieve the stress associated with this type of debt.
- Mortgage arrears: If you’re behind on your mortgage, Chapter 13 can help you catch up on overdue payments over time while remaining in your home – as long as you make your future payments according to the original agreement with your mortgage lender.
- Car loans: Similar to mortgage arrears, you can consolidate past due amounts on vehicle loans into your payment plan, allowing you to avoid repossession as you make manageable payments.
- Other unsecured debts: This category includes personal loans, utility bills and other debts not secured by collateral. These are folded into your payment plan, often at reduced interest rates and extended repayment terms.
Be aware: You may not be able to include all types of debt in your Chapter 13 plan. For example, debts involving child support, alimony, taxes, government fines, student loans and some other debts are generally not eligible. However, repaying your qualifying debts through Chapter 13 can make it easier to handle these other types of debt.
Throughout the duration of your payment plan, which typically lasts three to five years, depending on your income level and other factors, you will make one consolidated monthly payment. A bankruptcy trustee will then distribute the funds to your creditors based on the terms approved by the court.
Upon your successful completion of the Chapter 13 payment plan, the court will usually discharge any remaining qualifying debts. This discharge provides a fresh financial start by eliminating the debts that were included in the bankruptcy but that you couldn’t fully repay under the plan.
What Happens If You Can’t Make Your Payments?
Life can continue to throw curveballs, and sometimes, making payments on your Chapter 13 plan might become difficult. If you find yourself unable to meet the terms of your Chapter 13 payment plan due to circumstances like a job loss, it is crucial to communicate with your Chapter 13 attorney promptly.
Depending on your situation, you may have options available, such as modifying your payment plan or pursuing other forms of relief. It is important not to delay addressing these issues to avoid further complications.
Contact A Chapter 13 Bankruptcy Lawyer Today
Struggling with debt is not something you have to face alone. Contact our firm to schedule a free consultation where you and our attorney can discuss your specific circumstances and explore how Chapter 13 might provide the debt relief you need.
Reach out today by calling 318-747-2230 or sending us an email. Let us help you take that first step toward a more stable financial future without the burden of overwhelming debt. Remember, seeking help to manage your debts is a sign of responsibility – not defeat. Let our lawyer guide you back to financial health.