Bayou Vista Chapter 13 Bankruptcy Lawyers
It seems that every time you listen to the radio or watch television there is an avalanche of advertisements relating to consumer debts. The reality is that many individuals – even those who are well-meaning and committed to financially responsible behaviors – have fallen prey to challenging economic times and the dramatically rising cost of medical care. As a result, they live under the constant pressure of aggressive debt collection efforts and struggle considerably to make ends meet.
This onslaught of phone calls and letters can cause a person significant amounts of stress and this can negatively affect one’s health. Put an end to this needless worry. Contact the Bayou Vista Chapter 13 bankruptcy lawyers of Gipson & Norman at 800-291-0898 to schedule a free initial consultation with a skilled and experienced attorney.
Features of Chapter 13
Chapter 13 is one of the most commonly utilized chapters of the United States Bankruptcy Code as it serves the needs of debt-strapped individuals who are employed. To help you better understand the potential benefits and important features of Chapter 13, consider the following aspects:
- Only private individuals who are currently employed are eligible to file for Chapter 13
- A debtor’s assets are not subject to a liquidation sale as they would be under Chapter 7
- Rather than excusal of debts, the debtor has the opportunity to propose a repayment plan that may range from 3-5 years under which he or she will satisfy the obligations in full
- Foreclosure proceedings may not continue while an individual is in Chapter 13 bankruptcy
- Until the bankruptcy payment plan has been completed, creditors will have no direct contact with the shielded debtor
Contact Us
Let us help you to get your financial affairs back on track. Contact the Bayou Vista Chapter 13 bankruptcy lawyers of Gipson & Norman today at 800-291-0898 for the legal and financial assistance you need.
