Chapter 13 Bankruptcy Lawyer in Savannah
Competent & Client-Focused Legal Representation
Chapter 13 bankruptcy is called the reorganization type of bankruptcy. In this form of bankruptcy, you will propose a three to five year plan to pay off your creditors under the supervision of the Chapter 13 Trustee. Your debts can be reorganized and, as in a Chapter 7, at the end of the process, unsecured debt such as credit cards, medical bills, personal loans, and more will be discharged. Unlike a Chapter 7, however, a Chapter 13 can also help you catch up on mortgage, vehicle, or other secured debt during the plan’s process.
Some individuals may not be eligible for a Chapter 7 or may wish to save significant assets which means filing for a Chapter 13. At the Law Offices of Mark A. Bandy, PC, we can sit down with you to review your individual circumstances to determine the best plan for you. With more than 20 years of experience, our Savannah Chapter 13 bankruptcy attorney has a thorough understanding of the law, the procedures, and how best to protect your interests throughout the process. Our priority is to provide you with excellent service and competent legal skills that will change your financial life into a positive one.
Chapter 13 Bankruptcy & Its Advantages
Called a “wage earner plan,” a Chapter 13 repayment plan proposes a monthly amount to be paid to the trustee of your case. The trustee then pays your creditors with that amount. In some cases, the payment can be used to bring your mortgage or car payment current. In other cases, the payment may be used to pay your unsecured debts. A Chapter 13 bankruptcy does not require you to repay your creditors in full. The amount of your monthly payment is based on your monthly income and expenses as well as your assets and debts. It will be an amount that you can afford.
Advantages of a Chapter 13 can include:
- Halting a foreclosure; in cases where you have not been able to obtain a modification of your mortgage and are facing foreclosure, Chapter 13 can stop the foreclosure and allow you to resolve any delinquency over the three to five year plan.
- A reduction of the interest rate and/or a reduction of the principal amount owed on debts. For example, if you owe more on your car than its worth, you may be able to reduce what you owe to the fair market value or reduce the interest owed on the remaining balance of your vehicle loan.
- “Lien stripping,” in which you can eliminate the security interest of junior lienholders where the fair market value of your home is less than the total amount owed. This places these junior lienholders into the “unsecured debt” category. Whatever is owed on unsecured debt at the end of the three to five year plan is discharged.
- Saving other assets, such as vehicles, boats, other real estate or property by handling delinquencies through the three to five year plan.
- Stopping all further collection attempts made by creditors and collection agencies due to the automatic stay issued by the court; creditors can only go through the bankruptcy court for payment.
On the other hand, some debt cannot be eliminated through a Chapter 13, such as alimony, child support, most student loans, certain taxes, or judgments owed on personal injury or wrongful death claims.
Call the Law Offices of Mark A. Bandy, PC to Discuss Your Case
To get a more in-depth understanding of how Chapter 13 works and how it can benefit you, we urge you to call the Law Offices of Mark A. Bandy, PC as soon as possible. We can walk you through the process, explain both the pros and cons of what you will be facing, and can advise you on what is needed to get started. Our firm has represented thousands of individuals in bankruptcy proceedings. We have the competence, ability, and desire to help you move forward into a brighter future.
If you are in a bad place financially, have lost all hope, and feel there is no one out there to turn to, then please reach out to Mr. Bandy before you make any other decisions. He will get you the relief and guidance you are looking for.- Crystal
He helped us stay calm and positive throughout the whole experience.- Faith
He answered all my questions and made the whole situation go smoothly.- J.C.
Mark was very patient with my questions, answered them thoroughly and his recommendations were accurate and proved true.- M.A.
After reaching out to Mark my initial apprehension was immediately put to rest. Mark is very understanding and broke the process down in its most simple terms.- Ben
Flexible & Affordable
We offer free consultations, weekend, after-hour, and virtual appointments for your convenience.
We are accessible to our clients and are here to answer all questions throughout the process.
When you retain us you can rest assure you will receive excellent representation and the best possible outcome.
Attorney Mark A. Bandy has over 20 years of experience successfully handling bankruptcy filings in Savanna.