Chapter 13 Bankruptcy Lawyer in Raleigh
Finding Your Path Toward Financial Freedom
During these difficult times, many people have fallen victim to the pressures of an unstable economy and market. Through no fault of their own, many hardworking Americans find themselves facing debt-related consequences such as foreclosure, repossession, or a lawsuit.
What Qualifies You for Chapter 13 in North Carolina?
To qualify for Chapter 13 bankruptcy, your unsecured debt must be less than $394,725. Your secured debt must be under $1,184,200. Unsecured debt refers to your credit card bills or any personal loans that you owe. Secured debts include car loans or mortgages. The debt limits change periodically, so it is best to speak with a skilled attorney before making any decisions.
If you fit within the debt requirements, you must also complete the filing petition and prove that you are:
- Up-to-date on your tax filings
- Employed and have enough income to cover the monthly repayment plan
- An individual, not a business
Businesses are not allowed to file for Chapter 13 & Chapter 7. Instead, Chapter 11 is what allows businesses to reorganize their debts.
If you are experiencing financial hardship, one way to free yourself from unmanageable debt is to apply for protection through Chapter 13 bankruptcy. Our attorney at Venters Law Offices is here to provide all the support you need, helping you understand your options and implement the most effective solution to your financial crisis.
How Chapter 13 Bankruptcy Works in North Carolina
Chapter 13 bankruptcy, also called “individual debt adjustment” or the “wage earner’s plan,” allows debtors with reliable income to repay a portion of their debts. This payment plan will take 3-5 years. To qualify, you cannot owe more than $1,257,850 in secured debt and $419,275 in unsecured debt.
Like all forms of bankruptcy, Chapter 13 triggers the automatic stay, which immediately gives you complete safety from any debt collectors trying to collect what you owe. You will then submit a detailed, personalized plan demonstrating how you will pay back your debts in 3-5 years. Your monthly payment will depend on your income and expenses, and a North Carolina judge will assess your plan before confirming it.
Benefits of Filing for Chapter 13
Some of the most beneficial aspects of Chapter 13 bankruptcy include:
- Stopping all collection activities for the duration of your case, including foreclosure, repossession, and more
- A 3-5-year window to catch up on arrears, thus saving your home from foreclosure even after the automatic stay is lifted
- The potential to modify or cramdown (reduce) secured loans
- Time to catch up on other non-dischargeable debt, such as tax debt or student loans
Here at Venters Law Offices, you can expect our Chapter 13 bankruptcy lawyer to be continuously accessible and ready to hear your individual needs. Mr. Venters can also give you clear, direct answers, free from confusing legal jargon or misleading promises. With integrity and determination, we are ready to fight for the future you deserve.
Compassionate & Responsive Service
Extensive Experience in Bankruptcy Law
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