Chapter 13 Bankruptcy

A Fresh Financial Start Through Reorganization

Chapter 13 bankruptcy, also known as a "Plan of Reorganization," allows you to pay your debts over a period of 3 to 5 years while protecting your assets and stopping creditor actions. This powerful legal tool can help you regain control of your financial future, and the chapter 13 attorney team at Wegner Law can guide you through the process.

Is Chapter 13 Right For You?

Chapter 13 bankruptcy may be your best option if you:

• Earn too much to qualify for Chapter 7 bankruptcy
• Have valuable non-exempt assets you want to protect
• Are facing foreclosure on a home you wish to keep
• Need flexibility in addressing tax debts or other specific financial situations
• Have a steady income that can support a payment plan

The Chapter 13 Process: Six Steps to Financial Relief

1. Credit Counseling - Complete an approved credit counseling course before filing
2. File Your Case - Prepare and file your bankruptcy schedules, Statement of Financial Affairs, and Plan of Reorganization
3. Meeting of Creditors - Attend your 341 Meeting approximately 45 days after filing
4. Confirmation Hearing - Roughly 30 days after your creditors' meeting, the court holds a hearing to confirm your repayment plan
5. Financial Management Course - Complete this required course before finishing your plan payments
6. Discharge - Upon successful completion of all plan payments, receive a discharge of eligible debts

Stop Foreclosure with Chapter 13

Many homeowners face foreclosure due to unexpected life events—medical bills, job loss, or family emergencies. Once you fall behind on mortgage payments, catching up becomes increasingly difficult. Soon, you may receive foreclosure notices demanding the full past-due balance.

Chapter 13 bankruptcy immediately stops foreclosure proceedings. The "Automatic Stay" (11 USC 362) makes all collection activities, including foreclosure, illegal. This powerful legal protection:

• Halts foreclosure actions immediately
• Gives you breathing room to reorganize your finances
• Allows you to catch up on past-due mortgage payments over 3-5 years
• Helps you stay in your home while resolving your financial challenges

Funding Your Chapter 13 Plan

To successfully complete Chapter 13 bankruptcy, you must demonstrate to the court that you can afford your bankruptcy payments while maintaining regular living expenses. Common sources of funding include:

• Wages from employment
• Social Security retirement or disability benefits
• VA disability payments
• Self-employment income
• Child support or spousal support payments

Get Expert Help From a Chapter 13 Attorney Today

Navigating Chapter 13 bankruptcy requires experienced legal guidance. As your chapter 13 bankruptcy attorney team, we can help you:

• Determine if Chapter 13 is right for your situation
• Properly prepare and file all required documents
• Create a feasible repayment plan
• Represent you at all court hearings and creditor meetings
• Ensure your rights are protected throughout the process