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Gwinnett County Chapter 13 Bankruptcy Lawyer

Understanding Chapter 13 and How It Could Help You

Even if you have a stable income and do your best to meet your financial obligations, debt can sneak up and quickly overwhelm your life. If you are making payments but are still struggling to keep up with your debt, Chapter 13 bankruptcy might be right for you. Chapter 13 is one of two types of bankruptcy available to individual consumers, and, unlike Chapter 7, does not involve liquidation of assets.

Filing for Chapter 13 constitutes a reorganization of finances and assets, we present a Plan to the Court and, you agree to repay debts under new, more manageable terms for a period of 3-5 years. In many cases, a Chapter 13 Plan will eliminate most unsecured debt.

Navigating the bankruptcy process on your own can be an arduous endeavor, and errors in your documentation can lead to a rejected filing. Our Gwinnett County Chapter 13 bankruptcy attorney can help you avoid common mistakes and negotiate the best possible terms for your repayment plan. We at Schuyler Elliott & Associates, Inc have successfully helped thousands of clients, and now we want to help you work toward a fresh financial start.

To schedule your free consultation, dial (770) 400-9102 or contact us online today.

Qualifications for Chapter 13

To qualify for Chapter 13, you must have:

  1. Your current income tax filings.
  2. Sufficient disposable income.
  3. Debt within Chapter 13 limits.

Please note that you cannot file because you own a business that is in debt.

Debt Limits in Chapter 13

The debt limit changes every 3 years. If your total of secured and unsecured debt exceeds a certain amount, you will not be eligible to file. As of April 2019, the limits are:

  • $1,257,850 of secured debt, and
  • $419,275 of unsecured debt.

If you are individual whose debt exceeds these amounts, you must file an individual Chapter 11.

The Chapter 13 Process

Once you file Chapter 13 bankruptcy you will receive have an automatic stay. This Stay will prevent any collections actions from proceeding against you, including creditor harassment, continuing with lawsuits, garnishments, foreclosure of your home and car repossession.

Why File for Chapter 13?

Chapter 13 bankruptcy can buy you critical time to reorganize your financial affairs and catch up on delinquent payments, ultimately setting you on a more sustainable course to a clean financial slate. The court’s automatic stay can also prevent devastating collections actions, like foreclosures,.

If you are struggling to keep up with your debt and think bankruptcy might make sense for your situation, we want to help. We at Schuyler Elliott & Associates, Inc have nearly 30 years of experience in successfully advocating for our Georgia clients, and we want to help you pursue a path to financial freedom. If Chapter 13 bankruptcy is not right for you, we also offer assistance with Chapter 7 and 11 bankruptcies as well as loan modification and discussing other options.

Take the first step toward a financial clean state. Call (770) 400-9102 or contact us online today.

Contact Schuyler Elliott & Associates, Inc

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