Repay Your Debts Interested in a Wage Earner’s Plan to Make Installments to Creditors Over 3-5 Years?

Chapter 13 Bankruptcy Lawyer

The Benefits of the “Wage Earner’s Bankruptcy”

Chapter 13 bankruptcies allow debtors to keep their assets during their bankruptcy. In a Chapter 13, the filer’s debts are consolidated into a single agreement with creditors. Each creditor settles to receive a certain portion of the debt, and all your debt is paid through a single monthly payment. Your payment will be handled by a court-appointed trustee, and how much you pay will be determined by your disposable monthly income. Many people are apprehensive when it comes to considering bankruptcy, but it is important to remember that it is nothing to be ashamed of. Bankruptcy is merely a tool – not a status symbol, and using it properly is a smart decision. At Ryan Legal Services, Inc, our clients receive valued counsel from a knowledgeable lawyer.

The Key to a Debt-Free Future may be chapter 13 bankruptcy. Request an Evaluation Today

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We Make a Difference in
the Lives of Our Clients

Experience Over 20 Years of Experience
Available Responses Within 24 Hours
modern Tech-Savvy Law Firm
Knowledgable Sole Focus on Consumer & Business Bankruptcy Law
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Convenient Saturday Appointments in Robertsdale or Mobile

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We Can Help You Ascend to New Heights

Advantages of Chapter 13 Bankruptcy

Receive Mortgage Modifications
Reduce Car Payments
Save Your Home From Foreclosure
Protect Non-Exempt Property
Prevent Repossession of Your Vehicle
Discharge Your Debts

You Have Questions, We Have Answers

How Long Does a Chapter 13 Take?
Chapter 13 bankruptcies last about 3 to 5 years. The bankruptcy process closes once the terms of your repayment plan have been reached, at which point your remaining debt is discharged and you can start rebuilding your credit and financial standing. Chapter 13 bankruptcies last the longest but offer a consistent plan. For wage earners, it is ideal.
What Happens to my Mortgage or Car?
You have two options: one, you can return your property to the creditor. Whatever debt is left will be considered unsecured and a portion of it will be included in your repayment plan. Option two is to keep your property, but offer a deal to only pay back its replacement value. This only works if your property is worth less than what you still owe on it.
How Long Does Bankruptcy Stay on my Credit Report?
Chapter 13 bankruptcies stay on your credit for 7 years—which is how long late payments last. Ultimately, if you’re in a deep financial hole, you’re going to take a credit penalty either way. The only way to control the process is to choose how you receive the credit penalty. Chapter 13 offers far more benefits than drawbacks—we recommend investigating.

There for You Through Hard Times

Kevin Ryan is a graduate of the College of Wooster and the Cleveland Marshall College of Law. He is admitted to practice before all Alabama State Courts, the United States District Court for the Southern District of Alabama, and the United States Bankruptcy Court for the Southern District of Alabama.

Since 1998, Attorney Ryan has represented thousands of clients. He focuses his practice primarily on consumer bankruptcy matters under Chapter 7 and Chapter 13 of the United States Bankruptcy Code. He also handles matters such as bankruptcy litigation, appellate work, or involvement in civil lawsuits is needed by a client.

Kevin Ryan Bankruptcy Attorney

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