Chapter 13 Bankruptcy

Let Kelly Warner Law Help You Navigate Your Chapter 13 Bankruptcy in Arizona

Chapter 13 Bankruptcy is designed for individuals with a stable income source, who are temporarily unable to pay their debts, but who desire to use their best efforts and good faith to pay them in installments over a period of time. You are only eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code, It’s best to consult with a bankruptcy lawyer, to see where you actually fall.

Under Chapter 13 Bankruptcy you must file a plan with the Court to repay your creditors all or part of the money owed, using your earnings or by the disposition and/or abandonment of certain collateral such as land and motor vehicles. You are protected from your creditors in most cases upon the filing of your case but your plan must be approved by the Court before it can take effect. Under Chapter 13 Bankruptcy, unlike Chapter 7 Bankruptcy, you may keep all of your property, both exempt and non-exempt, as long as you continue to make payments under the plan.

After completion of payments, your debts are discharged except for any domestic support obligations, student loans, and certain taxes.

Ready to start looking into chapter 12 bankruptcy options for you or your business? Contact Kelly/Warner Law today to get started.