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Winchester Chapter 13 Bankruptcy — Personal Reorganization

Guiding you through a Chapter 13 bankruptcy in Tennessee

A Chapter 13 bankruptcy is especially helpful for those who have significant equity in a home or other property and want to keep it. It is designed for individuals with regular incomes who want to pay off their debts but are unable to do so according to the terms demanded by their creditors.

Chapter 13 requires you to create a doable repayment plan for past-due mortgage payments, auto loans or other debts and submit the plan to the bankruptcy court for approval. Our Winchester Chapter 13 bankruptcy lawyers at Stewart & Stewart work with you to propose a repayment plan that allows you to pay off your creditors over the course of three to five years.

What everyone needs to know about a Chapter 13 bankruptcy

When you file for Chapter 13 bankruptcy:

  • It offers you an opportunity to save your home from foreclosure.
  • If you have a regular income, it is an opportunity for you to adjust your relationship with creditors while retaining your property.
  • It permits you to file a plan agreeing to pay a certain percentage of your future income to the trustee overseeing your bankruptcy for payment to creditors.
  • You can reschedule secured debts — other than a mortgage for a primary residence — and extend them over the life of the Chapter 13 plan, which may lower your monthly payments.
  • You have the protection of the bankruptcy court during the period you are repaying your debts.
  • Creditors are prohibited from taking any action to collect the debts or seize your property.
  • Creditors are not allowed to seek to collect their claims from co-debtors.
  • You can discharge a broader variety of debts than under Chapter 7.
  • The term of the payment plan can be no more than 60 months or five years.
  • The amount paid over the term of the plan must be enough to pay certain debts in full.

Helping you regain control of your finances with a Chapter 13 bankruptcy in Winchester

If you need help filing for a Chapter 13 bankruptcy in Winchester, Tullahoma, or Fayetteville, call Stewart & Stewart at 931-262-2793 or contact us online to set up a free and confidential consultation.