Idaho Chapter 13 Bankruptcy Lawyer
Understanding the Wage Earner's Plan
Chapter 13 bankruptcy allows individuals with a regular income to restructure
their debts into a more manageable payment plan. This can allow consumers
to keep their property while repaying some or all of their debts. The
duration of your payment plan and the amount you will be required to pay
will depend on several personal circumstances. At Avery Law, we have assisted
numerous clients during their Chapter 13 proceedings and our Idaho
bankruptcy lawyers are prepared to walk you through your Chapter 13 bankruptcy.
If you have a steady income, sufficient assets or property and the ability
to afford monthly payments toward covering a least some of your debt,
you will most likely file under Chapter 13 bankruptcy, as
Chapter 7 bankruptcy is reserved for individuals who have little means to pay their
preexisting debt. The bankruptcy process will begin when you file a petition
with the bankruptcy court. An automatic stay will then be issued, protecting
you from debt collection activities such as lawsuits, wage garnishments,
foreclosure proceedings and debt collection phone calls. You must also
supply information about your financial affairs, your debts, your living
expenses and information about your income. As the legal work involved
in compiling and supplying such information can be difficult, our Idaho
bankruptcy attorneys make it a point to handle these procedures on your
behalf, while keeping you fully informed about the progress of your case.
The Chapter 13 Payment Plan
Depending on your financial situation, your debts will then be consolidated
and reorganized into a payment plan that will last three or five years.
To determine the length of your plan, the court will use a means test
to compare your monthly income to the state of Idaho's monthly income.
If your monthly income is greater than the median income, you will use
the five year payment plan. If it is less, you will use the three year
payment plan. Although you will be responsible for making payments on
your debts, you may still be eligible to discharge any remaining debt
after you have completed the three or five year payment plan. This debt
forgiveness can ultimately allow you to pay less than the total amount
of debt you owe, while at the same team protecting your property and assets.
Retain the Experienced Support You Need
While the Chapter 13 bankruptcy process is no easy task, you can successfully
navigate through these proceedings with the assistance of our firm's
Idaho bankruptcy attorneys. With more than 28 years of experience and
more than 5,000 bankruptcies filed, our legal team knows the ins and outs
of Chapter 13 bankruptcy. As a result, we are fully prepared to educate
you about your unique situation and to support you throughout every step
of your journey. Take the steps toward your financial fresh start with
the help of our firm.
Contact Avery Law to discuss your case with a lawyer from our offices in