Struggling to keep up with mortgage payments, car loans, and credit card balances can turn a steady paycheck into a source of constant stress. For individuals and families in Memphis, TN, a wage earner bankruptcy plan under Chapter 13 offers a structured path to repay debts without surrendering essential assets. Hurst Law Firm, P.A. works closely with you to develop a plan that fits your budget and meets court requirements, so you can move forward with confidence.
What Defines a Wage Earner Bankruptcy Plan
Chapter 13 is designed for those with reliable income who need time to catch up on secured debts. Instead of liquidating property, you submit a repayment proposal covering arrears and ongoing obligations over three to five years. From the moment you file, most collection actions—such as wage garnishments and repossession efforts—are put on hold, allowing you breathing room to follow your plan.
Qualifying Criteria in Memphis
To file a wage earner bankruptcy case, your total secured and unsecured debts must fall below federal limits. You’ll also need to demonstrate consistent monthly income sufficient to fund the proposed payments after accounting for living expenses. This option is especially helpful for homeowners facing foreclosure or individuals at risk of vehicle repossession. Hurst Law Firm, P.A. evaluates your financial records—from pay stubs to monthly bills—to confirm eligibility and recommend the best approach.
Crafting a Feasible Repayment Schedule
A successful plan balances creditor claims with household necessities. Priority debts, like past‑due mortgages, child support, and tax obligations, receive full repayment. Other unsecured balances, such as medical bills and credit cards, are paid based on your disposable income. Our attorneys help you gather required documents, calculate realistic monthly payments, and present a proposal that satisfies both the court and your own financial goals.
Immediate Safeguards and Enduring Benefits
Once your petition is filed, the automatic stay halts most collection efforts, providing immediate relief. Throughout the repayment period, adherence to your plan leads to a final discharge of qualifying debts. This process not only prevents asset loss but also sets the stage for rebuilding credit and restoring financial stability over time.
Why Hurst Law Firm, P.A. Stands Apart
Choosing the right counsel can make all the difference in your bankruptcy experience. With years of experience in Memphis bankruptcy courts, Hurst Law Firm, P.A. offers clear explanations, thorough document preparation, and steadfast representation at hearings. Our team remains by your side through each phase, ensuring your repayment plan reflects your needs and paves the way for a more secure financial future.
