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Chapter 13 Bankruptcy is designed to stop mortgage foreclosure and car repossession. Chapter 13 Bankruptcy can allow a person to get their driver license reinstated when it has been suspended due to parking tickets. Chapter 13 Bankruptcy is also used when people make a significant amount of income that would allow them to payback a certain percentage to their unsecured creditors. Chapter 13 Bankruptcy is also used when people have a substantial amount of equity in their home.  In an equity driven Chapter 13 Bankruptcy an individual will pay back their unsecured creditors based upon the amount of unprotected equity they have in a home.

Under Chapter 13 of the Bankruptcy Law, individuals who cannot discharge their debts or want to keep their homes but have fallen behind in their mortgage payments or car payments can consolidate their overdue payments and repay their pre-filing arrears in monthly payments for a period of up to 5 years (60 months).

The amount of the monthly payment and the time period varies for each individual based upon a number of factors including:

  • The monthly income of the individual
  • An individuals monthly expenses
  • The amount of the debt and whether the debt is in the nature of a secured debt (i.e. home mortgage, auto loan) or unsecured debt (i.e. credit cards, personal loans, bank loans which are not guaranteed by a government agency)

The benefit of filing a Chapter 13 Bankruptcy is that it will protect your house and car from being sold and allow you to make a reduced and affordable monthly payment that is designed to work within your own budget.  A Chapter 13 Bankruptcy will allow a person to only pay unsecured creditors pennies on the dollars.  A person can pay as little as 10% percent. A Chapter 13 Bankruptcy will also eliminate or massively lower the interest rate on any debts. 

To schedule a free consultation to discuss bankruptcy in Atlanta, please contact Purcell Law Firm, P.C., at (678) 296-1106.  We offer affordable legal fees which are personalized to fit your budget.