Facing overwhelming debt can disrupt every aspect of daily life. As a Chapter 13 Bankruptcy Attorney in Memphis, TN, Hurst Law Firm, P.A. helps individuals regain stability through structured repayment plans. Rather than liquidating assets, Chapter 13 allows you to reorganize debts into manageable monthly payments, giving you time to catch up on mortgage arrears, car loans, and other secured obligations.
What Is Chapter 13 Bankruptcy?
Chapter 13 is often called the “wage earner’s plan.” It enables filers with a regular income to propose a repayment schedule, typically spanning three to five years. During this period, most creditors must halt collection actions, including foreclosure and repossession. Tennessee’s courts review the plan to ensure it meets statutory requirements, after which you make payments through a court-appointed trustee.
Who Can File in Memphis?
To qualify, your secured and unsecured debts must fall below certain limits set by federal law. You must demonstrate stable monthly income sufficient to cover plan payments and living expenses. Homeowners behind on mortgage payments often turn to Chapter 13 to keep their residence. Hurst Law Firm, P.A. evaluates your financial snapshot—including income, debts, and expenses—to confirm eligibility and recommend whether a Chapter 13 petition or alternative relief best fits your needs.
Designing a Feasible Repayment Plan
The heart of Chapter 13 is your repayment proposal. This plan outlines how much you will pay creditors each month, prioritizing arrears on secured loans and allowable household expenses. Unsecured debts, such as credit cards and medical bills, may be repaid in full or in part, depending on disposable income and total debt levels. Hurst Law Firm, P.A. crafts a realistic budget-driven plan that aligns with your goals and satisfies court guidelines.
Advantages of Choosing Chapter 13
One major benefit of Chapter 13 is retention of property: you can keep your home, vehicle, and personal belongings while catching up on past‑due payments. The automatic stay immediately stops most creditor actions, offering breathing room to focus on debt reduction. Completing the plan results in a discharge of remaining eligible debts, paving the way for improved credit over time.
Working with Hurst Law Firm, P.A.
Selecting the right attorney makes a significant difference in your case’s outcome. Hurst Law Firm, P.A. brings years of experience in Memphis bankruptcy courts. We explain each phase in clear terms, gather required documents, and represent you at hearings and meetings. Our commitment is to guide you through the repayment process smoothly, so you can rebuild confidence and work toward a solid financial future.
