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.
Attorney 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 file for Chapter 13 bankruptcy, an automatic stay generally takes effect. This can stop many collection efforts, including phone calls, wage garnishments, repossessions and foreclosure proceedings, although exceptions and other limitations may apply.
In a Chapter 13 bankruptcy, you propose a three-to-five-year bankruptcy payment plan based on your financial circumstances. The plan explains how you will repay your qualifying debts, with payments generally made to a bankruptcy trustee who distributes the funds to creditors according to the plan. This structure can give you a way to address your debts while working to protect certain assets.
What Types Of Debt Can You Include In A Chapter 13 Bankruptcy Payment Plan?
Chapter 13 can address many different types of debt through the repayment plan, including:
- Credit card bills: Credit card debt is generally unsecured, meaning it is not backed by property that a creditor can take if you do not pay. How much you must repay depends on the terms of your plan and applicable bankruptcy rules.
- Medical expenses: Medical bills are generally unsecured debts, and you can include them in a Chapter 13 plan.
- Mortgage arrears: If you have fallen behind on your mortgage, Chapter 13 may provide a way to address past-due payments over time while you continue making your regular mortgage payments.
- Car loans: Amounts past due on vehicle loans may be addressed through your plan, depending on your circumstances and the terms of the loan.
- Other unsecured debts: You may also include personal loans, utility bills and certain other unsecured debts in the plan.
Not every debt receives the same treatment in Chapter 13. Bankruptcy law treats certain debts, including some child support, alimony, tax and government fine obligations, differently. A bankruptcy discharge may not eliminate these debts. Student loans can also receive different treatment and generally are not automatically discharged.
Your plan generally lasts three to five years, depending on your income and other factors. You make payments according to the plan, and the bankruptcy trustee distributes the funds to creditors as required. When you complete the plan, the court may discharge certain qualifying debts that remain unpaid. A discharge generally releases you from personal liability for those debts, although some obligations can survive bankruptcy.
What Happens If You Can’t Make Your Payments?
Life can continue to throw curveballs, and sometimes making your Chapter 13 payments can become difficult. If you lose your job, face an unexpected expense or experience another significant change in your circumstances, contact your Chapter 13 attorney promptly.
Depending on your situation, you may have options such as modifying your repayment plan or pursuing other forms of relief. Addressing a payment problem early can help you understand your options before the situation becomes more difficult.
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. Remember, seeking help to manage your debts is a sign of responsibility – not defeat. Let our lawyer guide you back to financial health.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.