You should never feel ashamed for seeking legal assistance or considering bankruptcy when you become unable to keep up with your bills. Debt can quickly overwhelm someone even when they have reliable income due to factors beyond their control. You deserve a clean slate and filing for bankruptcy can help you get one.
Chapter 13 bankruptcy lets you reorganize your finances and allows you to catch up on missed payments. You will only have to pay what you can currently afford, and you will in most cases get to keep all your assets. This type of bankruptcy can also help you stop foreclosure and protect your home.
At the Law Office of Matthew Doyaga, LLC, we believe everyone deserves a fresh start, no matter the nature or size of their financial difficulties. Our Columbus Chapter 13 bankruptcy lawyer knows how stressful living with debt can be, which is why we will help you explore all your debt relief options. We strive to offer an exceptional client experience and emphasize communication, respect, and accountability. If we decide Chapter 13 bankruptcy is right for you, we will provide the compassionate, attentive guidance you need to defeat debt and get your life back on track.
Two major types of bankruptcy, Chapter 7 and Chapter 13, are available to individuals and families. To be eligible for Chapter 13 relief, you must be able to afford a payment plan. In other words, you must have considerable and consistent disposable income. “Disposable income” refers to the amount of money left over after you pay all your necessary monthly expenses.
You are probably not a good candidate for Chapter 13 bankruptcy if you have minimal or no disposable income. In these cases, Chapter 7 bankruptcy may be a better fit. Law Office of Matthew Doyaga, LLC will take the time to carefully evaluate your financial circumstances, decide which type of bankruptcy you qualify for, and recommend the best course of action. This will include walking you through what filing for Chapter 13 bankruptcy involves.
When you are ready to file for Chapter 13 bankruptcy, we will help you prepare all the necessary documentation. We will also collaborate with you to develop a payment plan that meets all legal requirements while maximizing potential relief.
If you are in danger of losing secured property (such as your home), you may need to strategically file for Chapter 13 bankruptcy to prevent foreclosure or repossession. You will be protected by a court order called the automatic stay shortly after filing your Chapter 13 bankruptcy petition. When the automatic stay is in effect, creditors cannot take or continue collection actions against you. We can quickly prepare and file for Chapter 13 bankruptcy to protect your assets in these scenarios.
You do not liquidate assets in a Chapter 13 bankruptcy, but you will need to make plan payments over three to five years. The amount of your monthly payment will be linked to your level of disposable income, so you will not be expected to pay more than you can afford. These payments will address “priority debts” like tax debt and secured debt before unsecured debt, which can work to your advantage.
At the end of your payment plan, the court will usually give you permission to eliminate all remaining unsecured debts. You will no longer be responsible for your credit card debt, medical debt, unpaid utility bills, or personal loans. You will also get to keep your secured property if you caught up on missed payments over the course of the plan.
Our Columbus Chapter 13 bankruptcy lawyer knows how to effectively structure these payment plans and will advocate for you throughout the process. Under certain conditions, we can also help you use Chapter 13 bankruptcy to strip liens and second mortgages on real property or negotiate a federal tax repayment plan with the IRS. No matter your circumstances, you will receive tailored advice and work directly with our attorney from beginning to end.