Chapter 13

The decision of filing a bankruptcy case is a difficult one. When you are thinking of filing a bankruptcy case, it can become quite tricky to understand which chapter you need to file for. Owing to the lack of proper information of each chapter of Youngstown bankruptcy law, you might face difficulty while making a choice. If you find yourself in such a predicament, then you must come to us at Youngstown Criminal Law Group. We are a team of expert, ready to offer you consultation on your bankruptcy case.

When Chapter 7 bankruptcy is for wiping off your debts completely, Chapter 13 is about restructuring the debts and making a payment plan. First, you have to go through a means test that will help us determine which kind of bankruptcy you should file for. If you are not qualified for Chapter 7, then you can consider filing a case for Chapter 13. In this case, if the means test and reviews tell us that you can pay off the debt within 5 years, then filing a Chapter 13 bankruptcy will be a better decision. There are many instances where the debtor might qualify for Chapter 7, but filing a case of Chapter 13 can be a good idea. Why is it a good idea to file a Chapter 13 bankruptcy case? Take a look at the following reasons.

• You will be able to keep your nonexempt property during the bankruptcy process.
• You can plan a payment setup to get rid of your car loan, home mortgage or missed payments.
• There are certain debts that you cannot discharge over time, for example, student loan. But when it comes to Chapter 13, you will get time to get rid of the debt with time.
• There is a co-debtor with you? Chapter 13 offers relaxation for all the co-debtors while Chapter 7 allows the creditor to go after the co-debtors too.
• You can determine the timeframe for paying back your debts. This is especially a good option when your creditors are coming after you.

If you are in a mess and wondering how you will be able to file litigation under Youngstown Bankruptcy Law, then come to us. We, at Youngstown Criminal Law Group, will help you in filing under the right chapter.

The first and foremost criterion for filing a chapter 13 bankruptcy case is that you have to have a source of steady income. In most of the cases, this means that you have to have a job. However, you can still file on Chapter 13 even if you are unemployed. In that case, you have to prove that you have means to pay off the debts. Your income can include unemployment compensation, social security or rents from the property. The court will restructure the payment plan for you that will last for 3- 5 years. There are certain debts like child support, taxes, and wages for employees that are considered to be priority debts that you need to pay early and in full. The next priority will be the secured debts like a home mortgage or car loans. Once this payment is done, you will be able to focus on the unsecured debts that don’t need to be paid in full.

A business cannot file a case on Chapter 13 bankruptcy. However, a sole proprietor can file this case of Youngstown Bankruptcy. You need to remember that the case will be filed under the name of the individual, not in the name of the business. The court will set up a payment plan that will include the secure and priority debts along with the unsecured ones that can be paid with the disposable income.

• Gather all the documents before filing the chapter 13 bankruptcy case. Make sure you don’t miss any small document or information.
• Be honest about the information that you provide.
• Last but not the least, steer clear of fighting the case alone. Hire a knowledgeable lawyer or come to us at Youngstown Criminal Law Group

For more details on Chapter 13 bankruptcy or for free consultations from Sean Logue and his team, call at 1-844-748-8384 or drop an email at sean@seanloguelaw.com.