Relieve Stress with Chapter 13 Bankruptcy
Don't let the clouds of debt obscure your hope for the future. There is a way out and Callahan Law Firm can help. Our Chapter 13 bankruptcy attorneys are here to give you control over your financial life again by guiding you through the process and how it pertains to your specific circumstances.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is often called a "wage earner's plan." It is a consolidated, debt repayment plan where individuals pay some debts (like taxes, car notes, mortgages) and still discharge other debts (like credit cards, medical bills, etc.). It requires you to make payments on your debt over a three to five year period before you are eligible for discharge, differing from Chapter 7, where your debts are eliminated. Our attorneys will help educate you so you can make the best decision for your financial future.
When is Chapter 13 Bankruptcy Used?
Chapter 13 bankruptcy can be helpful in a variety of situations:
- If you have past due amounts on your mortgage, Chapter 13 bankruptcy gives you the opportunity to pay your debt back over a period of time (typically 36 to 60 months), helping you avoid foreclosure.
- If you have filed for Chapter 7 in the last eight years, Chapter 13 bankruptcy is then your only option.
- If you owe taxes that were assessed in the past few years, Chapter 13 bankruptcy may be a good choice for you.
- If you own a significant amount of property or if your income exceeds a certain amount, our Kansas City lawyers can help you file for Chapter 13 bankruptcy.
Our attorneys are here to assist you through the entire bankruptcy process. We know it can be intimidating, but we are are your side and prepared to fight for you.
Am I Eligible for Chapter 13 Bankruptcy?
Anyone can file Chapter 13 at anytime, as long as you can afford to make the payments. You must prove your repayment ability to the bankruptcy court and also must make a certain amount. Additionally, if you have accrued too much debt, you may be ineligible to file.