Chapter 13 bankruptcy eliminates debt, but not in the same way as Chapter 7. Instead, people filing for Chapter 13 create a repayment plan that is designed to fit a person's ability to pay. The changes to the bankruptcy laws in 2005 were largely focused around getting people to file for Chapter 13, rather than filing for the more straightforward form of Chapter 7 bankruptcy.
The bankruptcy attorneys at Abbott & Abbott can help families and individuals get the most out of Chapter 13 bankruptcy. We will fully evaluate your financial situation, including your income and your debts, in order to make sure that Chapter 13 is your best option. If you do not qualify for Chapter 7 through the means test or if Chapter 13 simply makes more sense given your circumstances, we can help you file and ensure that the process goes as smoothly as possible.
Experienced Chapter 13 Bankruptcy Attorneys in Georgia
Not all bankruptcies are the same. It is important to understand the differences between Chapter 7 and Chapter 13 bankruptcy when considering your options. It is also important to have an experienced bankruptcy lawyer on your side who will take the time to help you find the best solution that will work for you.
Chapter 13 bankruptcy will likely allow you to keep your home, car and other assets while paying off your debts over a 3 to 5 years period. The most important aspect of a Chapter 13 is to create a repayment plan that will gradually pay off your debts, while still allowing you to comfortably pay your other monthly expenses. This is where having an experienced and dedicated lawyer works to your advantage.
When you are faced with overwhelming amounts of debt, it is important to seek advice from an experienced attorney. To schedule a free consultation at Abbott & Abbott, contact our Marietta or Canton office for a free initial consultation.