Delaware Chapter 13 Bankruptcy Lawyers

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The stress of never-ending debts and drowning in a pool of uncertainty doesn’t have to last forever. Filing for Chapter 13 bankruptcy can be the best decision you make for yourself and your family, and it can help restore the peace of mind you deserve.

Don’t be thrown off by the word “bankruptcy.” It carries negative connotations in many people’s minds but results in life-changing debt relief after three to five years. Once you imagine your life free of the restraints associated with debt, the idea of filing for Chapter 13 bankruptcy won’t sound so intimidating.

It’s important to consult with an attorney to decide which bankruptcy option is right for you. While Chapter 7 bankruptcy is appropriate for some people, Chapter 13 bankruptcy might work better for others, therefore you should contact us at (302) 663-7975 to speak with our lawyers about your options. We look forward to fighting for the financial freedom you’ve been waiting for.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also called a wage earner’s plan, allows individuals earning a regular income to create a plan to repay all or part of their debts. Under the plan, you (the debtor) can develop a payment plan and propose it to your creditors. As long as the value of your unsecured debts is less than $394,725 and secured debts are less than $1,184,200, then you are eligible to file for Chapter 13 bankruptcy.

Depending on your current monthly income, you may either make the payments over three to five years:

• If you make less than the state median income level: 3 years
• If you make more than the state median income level: 5 years

It’s worth noting that those filing for Chapter 13 bankruptcy will not get their assets liquidated, as their issue doesn’t concern their ability to repay their debts but rather their ability to repay their debts on time. Creditors may hassle them payments that they simply cannot pay by the deadline, therefore Chapter 13 bankruptcy helps them organize their payments into a schedule that satisfies both their and the creditors’ needs.

Benefits of choosing to file for Chapter 13 bankruptcy include:

• It’s an opportunity to save your home from foreclosure
• You can reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan
• It acts like a consolidation loan under which you make the plan payments to a chapter 13 trustee who then distributes the payments to your creditors

Guiding Clients Through the Chapter 13 Bankruptcy Process

While the benefits of Chapter 13 bankruptcy are promising, it’s not an easy road to achieve them. Countless requirements must be met before the court will consider you eligible for Chapter 13 bankruptcy. Luckily, you can depend on our Chapter 13 bankruptcy lawyers at Whitehead Law to champion your best interests from start to finish.

We can walk you through the necessary paperwork and documents, file them and examine your financial history to help you develop an effective payment plan that makes both you and your creditors happy. For over 20 years, we’ve helped clients get through their toughest times and leave better than how they came. Allow us to fight for the same outcome on your behalf.

Contact (302) 663-7975 to get started!