Why might this be a viable option for you in regards to bankruptcy? Chapter 13 is an excellent debt relief option because as the debtor, you are able to retain ownership and possession of all of your assets. Additionally, there are a number of other notable benefits to filing a Chapter 13 bankruptcy, including the ability to:
- Stop garnishments on bank accounts and wages
- Stop home foreclosures
- Stop harassing phone calls from bill collectors and collection agencies
- Stop vehicle repossession
- Prevent utilities from being shut off
- Eliminate back taxes
It is important to note that chapter 13 bankruptcy does not wipe out debt without repayment. In exchange for debt relief, these filers use discretionary income to pay their creditors. If you are searching for debt relief, an experienced bankruptcy attorney can help you decide if Chapter 13 is the right move for you.
How to Qualify for Chapter 13 Bankruptcy
In order to file for Chapter 13, you must qualify. Qualifications involve proving that you have sufficient disposable income. This is necessary because the plan involves you paying your debt back in full, so you must have enough disposable income to do so.
How to File for Chapter 13 Bankruptcy
When it comes to filing for Chapter 13 bankruptcy, there are a few steps. First, you must provide your disposable income and proof that you have filed your state and federal income taxes. This includes regular wages or salary, income from self-employment, wages from seasonal work, commissions from sales or other work, and pension payments. In addition, you will have to outline and submit a repayment plan to the court, showing how you will pay your creditors back within a three to five year period. If your repayment plan is approved, you will be able to successfully file for chapter 13 bankruptcy and begin your path toward repaying your debt.
How an Experienced Bankruptcy
Attorney Can Help
At the end of the day, choosing to file for bankruptcy can be a scary and overwhelming process. Working with an experienced bankruptcy attorney can help simplify the entire process. With over 20 years of bankruptcy experience, attorney Lyndon Ruhnke has the knowledge and expertise needed to help answer all of your questions and guide you down the path toward financial relief. If you live in Gresham, Beaverton, or Portland, Oregon, and are considering bankruptcy, don’t face these challenges on your own. Call or reach out to Lyndon Ruhnke, P.C. today for trusted legal counsel and guidance.