Lee Ringler Law Offices, an Augusta GA Bankruptcy Attorney, Discusses What It Means to File Chapter 13 Bankruptcy

Lee Ringler Law Offices, an Augusta GA Bankruptcy Attorney, Discusses What It Means to File Chapter 13 Bankruptcy
Lee Ringler is an experienced bankruptcy attorney based in Augusta GA and serving residents of GA and SC.
As a leading bankruptcy law firm in Augusta, Georgia, Lee Ringler Law Offices understands that filing for bankruptcy can be a stressful and overwhelming experience. Lee Ringler bankruptcy experts discuss one type of bankruptcy, known as Chapter 13.

The experts at Lee Ringler Law Offices in Augusta GA can help individuals and families understand the bankruptcy process and determine what the best course of action is. There are different types of bankruptcy, each with its own set of rules and procedures. In some situations, filing Chapter 13 bankruptcy may be an appropriate decision.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also known as a wage earner's plan, is a type of bankruptcy that allows individuals with a regular income to develop a plan to repay all or a portion of their debts over a period of three to five years. It's an option for those who have a steady income but are struggling to keep up with their debts.

How Does Chapter 13 Bankruptcy Work?

Chapter 13 bankruptcy works by creating a repayment plan based on the debtor's income and expenses. The repayment plan is submitted to the bankruptcy court for approval, and once approved, the debtor makes payments to a court-appointed trustee who distributes the funds to the creditors according to the plan.

The repayment plan typically includes secured debts, such as mortgages and car loans, and priority debts, such as taxes and child support. Unsecured debts, such as credit card debt and medical bills, may be paid in full or in part, depending on the debtor's disposable income.

One of the advantages of Chapter 13 bankruptcy is that it allows the debtor to keep their property, such as their home and car, as long as they continue to make payments according to the repayment plan. It also provides a way for debtors to catch up on missed mortgage or car payments.

Who Is Eligible for Chapter 13 Bankruptcy?

To be eligible for Chapter 13 bankruptcy, the debtor must have a regular income and owe less than a certain amount in secured and unsecured debts. As of 2023, the debt limits for Chapter 13 bankruptcy are $1,257,850 in secured debt and $419,275 in unsecured debt (for cases filed between April 1, 2022, and March 31, 2025).

Chapter 13 bankruptcy is often a good option for those who don't qualify for Chapter 7 bankruptcy, which is a type of bankruptcy that allows individuals to discharge most of their unsecured debts but may require them to give up some of their property. It's also a good option for those who want to keep their property and retain a steady income.

What Are the Benefits of Chapter 13 Bankruptcy?

One of the main benefits of Chapter 13 bankruptcy is that it allows debtors to keep their property and catch up on missed payments. It also provides a way for debtors to repay their debts over time and potentially reduce the amount of debt they owe.

Another benefit of Chapter 13 bankruptcy is that it can stop foreclosure proceedings and prevent the loss of a home. It can also stop wage garnishments and other collection actions by creditors.

Additionally, Chapter 13 bankruptcy can provide a sense of relief and peace of mind to debtors who are struggling to keep up with their debts. It allows them to develop a plan to repay their debts and move forward with their lives.

How Can a Local Bankruptcy Attorney Can Help

Filing for Chapter 13 bankruptcy can be a complex process that involves submitting a detailed repayment plan and attending court hearings. A bankruptcy lawyer can help debtors navigate the process and ensure that their rights are protected.

A bankruptcy lawyer can also help debtors determine whether Chapter 13 bankruptcy is the right option for their situation. They can review the debtor's financial situation and help them develop a repayment plan that is feasible and realistic.

In addition, a bankruptcy lawyer can represent the debtor in court and negotiate with creditors on their behalf. They can also provide guidance and support throughout the bankruptcy process and help debtors understand their rights and responsibilities.

If you are seeking a bankruptcy attorney Augusta GA, contact Lee Ringler Law Offices. Their experienced team is available to educate residents of Georgia and South Carolina on their options and help them navigate the bankruptcy process. If you live in GA or SC and you’ve had enough of bill collectors, visit https://www.leeringler.com/.

Media Contact
Company Name: Lee Ringler Law Offices
Contact Person: Lee Ringler
Email: Send Email
Phone: 706-724-4000
Address:1450 Greene St # 222
City: Augusta
State: GA
Country: United States
Website: https://www.leeringler.com/

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