Charlotte Chapter 13 Bankruptcy Attorney

Is a Chapter 13 right for you? Call us today (704) 710-8182.

If you are looking for debt relief or foreclosure defense, the experienced and knowledgeable bankruptcy lawyers at Saffa Law Firm can help you determine your best option for filing for bankruptcy in Charlotte. Chapter 13 may be a good option if you are facing foreclosure or vehicle repossession, or you have a decent amount of equity in real estate that you own or have personal property that is worth a great deal.

In a Chapter 13 bankruptcy:

• You keep and repay any secured debts (i.e. homes, vehicles, furniture, etc.) that you want to keep
• You repay any unsecured creditors (i.e. credit cards, medical bills, personal loans, etc.) at a certain percentage (can be as little as 1-2%) as payment in full!
• The case usually lasts from 36-60 months
• You make monthly payments to a Chapter 13 Trustee and, out of these payments, the Trustee then pays your home loan, car loan, credit cards, etc.
• And at the end of your case, any mortgage payments are caught up to date, any car loans are paid off and all of your unsecured debt is paid off (except for any balances related to things like child support, alimony or student loans).

Stopping Foreclosure & Repossession Through Chapter 13

If you want to keep your home, but are behind on your mortgage payments, a Chapter 13 bankruptcy could enable you to keep your home and defend against foreclosure. In a Chapter 13 bankruptcy, your mortgage arrearage (i.e. back mortgage that you owe) isn't due immediately. Instead, your arrearage is spread out and repaid over the next 36-60 months thereby enabling you to afford it.

If you are facing a vehicle repossession because you are behind on your payments, a Chapter 13 bankruptcy could help you keep your vehicle. In Chapter 13's, vehicle loans are spread out and repaid over the next 36-60 months, thereby enabling you to afford it. Additionally, if you purchased the vehicle more than 910 days ago (i.e. 2.5 years ago), you can "cram down" your vehicle loan wherein you only need to pay the vehicle's current fair market value (vs. the amount currently owed per your contract).

Even if your vehicle has already been repossessed, you can get it back by filing a Chapter 13 bankruptcy. However, your case must be filed within 10 days of the repossession.

Chapter 13 Exemptions

When you file for bankruptcy, you are allowed to claim that a certain amount of your property is "exempt" (i.e. protected) and cannot be sold off to repay your creditors. There are separate exemptions which apply to your home, vehicles and personal property (furniture, etc.). If you have a large amount of equity in a home or personal belongings (i.e. they are worth a lot more than what is owed on them), and you were to file a Chapter 7 bankruptcy, the trustee could look to sell the property and use the money to repay your creditors.

This is why a Chapter 13 bankruptcy is better in these circumstances. Here, you could file a Chapter 13 bankruptcy, keep all the property you want to keep and repay your unsecured creditors at a certain percentage as payment in full!

Our Charlotte Bankruptcy Attorneys Are Available 7 Days a Week

If you are considering filing for Chapter 13 bankruptcy, it is highly advisable that you seek the reliable guidance of our legal team at Saffa Law Firm as soon as possible. We can guide you through the entire process and attend creditor meetings to ensure your rights are always protected. We realize that filing for bankruptcy is no easy decision, but we strive to make the experience less overwhelming for our clients by providing them with the individualized attention they need to feel at ease.

With a reputation that spans more than three decades for being bold and hard-hitting when handling bankruptcy cases, you can entrust your case to us with absolute confidence. We will do everything possible to help you reach the favorable financial goal you desire. In an effort to better serve our clients, we are available seven days a week to address their concerns and provide reliable counsel.