Atlanta Chapter 13 Bankruptcy Attorney

Understanding Chapter 13 & 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 the 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. This process allows you to keep valuable assets such as your home and car, while creating a pathway to financial stability through structured repayment plans that suit your current income and financial situation.

Navigating the bankruptcy process on your own can be an arduous endeavor, and errors in your documentation can lead to a rejected filing. Our Atlanta 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. Our team is committed to providing personalized guidance and support every step of the way, ensuring that your Chapter 13 bankruptcy aligns with both legal standards and your personal financial goals.

To schedule your free consultation with our Chapter 13 bankruptcy attorney in Atlanta,
dial (770) 400-9102 or contact us online today.

Qualifications for Chapter 13 Bankruptcy

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. Additionally, the stability of your income is crucial in creating a feasible repayment plan under Chapter 13. The aim is to demonstrate that you can sustain monthly payments and gradually reduce your debt load within the stipulated period. Our Chapter 13 bankruptcy attorney in Atlanta is here to help assess your financial situation to determine if Chapter 13 is the suitable path for you.

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 an individual whose debt exceeds these amounts, you must file an individual Chapter 11. For those under these thresholds, Chapter 13 remains a viable option, providing structured solutions to meet debt obligations while limiting impact on daily living. Our firm can help you analyze your debt structure and discuss whether your current and projected future financial situation aligns with Chapter 13 guidelines.

The Chapter 13 Process in Atlanta

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

The next step involves creating a repayment plan proposal outlining how your debts will be managed and reduced. This plan will be reviewed in a court hearing to ensure its feasibility and fairness. Our Chapter 13 bankruptcy lawyer in Atlanta will work closely with you, preparing all necessary documentation and representing your interests to seek approval from the court. It is important to maintain the agreed payments to keep the benefits of the automatic stay and move one step closer to financial recovery.

Local Insights on Atlanta Bankruptcy Filings

Atlanta presents unique challenges and advantages when considering Chapter 13 bankruptcy. The city's diverse economy offers numerous opportunities for income stability, which is a pivotal factor in forming a successful repayment plan. Understanding the local economic trends and how they might impact your income or expenses is crucial. Additionally, Atlanta's housing market can play a significant role in your financial planning, as property values can fluctuate, affecting secured debts and asset retention. Our Chapter 13 bankruptcy lawyer in Atlanta helps you navigate these local facets, ensuring your Chapter 13 plan reflects current realities and offers realistic solutions tailored to the Atlanta environment.

Classifying debts against this regional backdrop allows for strategic planning. Recognizing which debts are considered priority or non-priority under local regulations can help in crafting a more effective repayment plan. Partnering with a Chapter 13 lawyer with deep-rooted knowledge in both Atlanta's financial landscape and bankruptcy laws could be pivotal in safeguarding your assets and guiding you to a brighter financial future.

Why File for Chapter 13 with an Attorney?

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.

Chapter 13 is particularly advantageous if you have significant assets that you wish to retain or particular debts that you need time to manage. By maintaining ownership of your property, you can preserve stability for you and your family while addressing your financial obligations under new, realistic terms. Moreover, the process can protect co-debtors on consumer debts from creditor actions, offering broader relief.

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. We provide comprehensive consultations to discuss your unique circumstances and can guide you through alternative solutions if necessary, ensuring you receive the best possible advice tailored to your needs.

Frequently Asked Questions About Chapter 13 Bankruptcy

What Is the Role of a Chapter 13 Bankruptcy Lawyer in Atlanta?

A Chapter 13 bankruptcy lawyer in Atlanta plays an essential role in navigating the complexities of filing for bankruptcy. Their primary role involves advising clients on the suitability of Chapter 13, helping create a detailed repayment plan that aligns with legal expectations, and representing the individual in court proceedings to ensure the plan's approval. They offer strategic guidance on managing debts, protecting assets, and maintaining compliance with the bankruptcy process. At Schuyler Elliott & Associates, Inc., we emphasize clear communication and offer 24/7 support to provide peace of mind throughout what can be a stressful experience. With our extensive experience in Georgia's legal landscape, we stand ready to advise you at every step, enabling you to pursue financial recovery confidently.

How Long Does the Chapter 13 Process Take in Atlanta?

Typically, a Chapter 13 bankruptcy process spans 3 to 5 years, depending on your debt structure and income during the repayment period. The initial phase involves filing the petition and the automatic stay, immediately halting creditor actions. Next, a court-appointed trustee reviews your repayment plan, usually within a month of filing. This is followed by a confirmation hearing, generally held two to three months after your filing, where the court assesses the plan's feasibility. As long as you adhere to the payment plan, creditors are bound by its terms, granting you a structured approach to reaching insolvency over time. Adherence is key as any missed payments can trigger default and possibly lead to case dismissal, emphasizing the importance of creating a plan grounded in reality.

What Are Common Mistakes to Avoid When Filing Chapter 13 in Atlanta?

Filing for Chapter 13 bankruptcy involves several critical steps, where common pitfalls can be avoided with careful planning and awareness. One common mistake is underestimating expenses, leading to an unsustainable payment plan. Accurately predicting ongoing expenses ensures that your repayment plan remains realistic and manageable throughout the process. Additionally, ignoring new debt during the repayment period can jeopardize your plan's success. Securing new credit or failing to adjust lifestyle choices to stay within your means may render the plan unmanageable. Lastly, missing deadlines for document submissions or payments can risk the status of your bankruptcy. With our attentive support, Schuyler Elliott & Associates, Inc. provides thorough financial reviews and comprehensive guidance, ensuring your plan reflects your true financial situation and remains on track.

Take the first step toward a financial clean slate. Call (770) 400-9102 or contact us online today to speak with our Chapter 13 bankruptcy lawyer in Atlanta.