Chapter 13 Bankruptcy


In a Chapter 13 bankruptcy, you will be paying some of your debt, but under more favorable conditions by making a realistic plan for reorganizing your debt.  A repayment plan is set up for three to five years.

When you come to Adam Schneider for your free consultation, he will discuss the details of your financial situation.  He will use a formula called a means test to find out whether you are eligible for Chapter 7 or Chapter 13, or whether bankruptcy is the best solution for you.   For example, if you are behind on your mortgage, a Chapter 13 can give you up to five years to catch up.

After filing for a Chapter 13 bankruptcy, your creditors must stop calling you.  Your wages can no longer be garnished.  You will be required to go for credit counseling, which will teach you strategies for smart spending and saving.   You will be assigned a trustee, who will collect the agreed-upon payments from you to pay your creditors.

It's time for a fresh start. Call Adam Schneider today to take that first step.

In a Chapter 7 bankruptcy, most of your debt is discharged.  In a Chapter 13 bankruptcy, you will be paying most of your debt, but under more favorable conditions by making a realistic plan for reorganizing your debt.  Typically, a repayment plan is set up for three to five years.
When you come to Adam Schneider for your free consultation, he will discuss with you the details of your financial situation.  He will use a formula called a means test to find out whether you are eligible for Chapter 7 or Chapter 13, or if bankruptcy is the best solution to your unique case.  You will be given a worksheet package that will detail all the information needed to file your bankruptcy.  You will need to provide documentation of all income, assets, personal property, and debt.
After filing for a Chapter 13 bankruptcy, your creditors must stop calling you.  Your wages can no longer be garnished, and some back account levies will end.  You will be required to go for credit counseling, which will teach you strategies for smart spending and saving.   You will attend a mandatory 341 meeting with your creditors, who will have the opportunity to ask you questions about your debt.  You will be assigned a trustee, who will collect the agreed-upon payments from you and pay your creditors.
How will your life change after filing for Chapter 13 bankruptcy?  First off, the phone calls and letters from creditors and bill collectors will stop as soon as you file for bankruptcy.  That alone is a huge relief.  Your wages can no longer be garnished, and some back account levies will end.  You will be required to go for credit counseling, which will teach you strategies for smart spending and saving.  You can no longer use your credit cards, but after your situation stabilizes, you can apply for a card with a low limit.  By making the required payments on time, you will begin to repair your credit rating.