Struggling with past‑due payments on your home or car can create constant stress. Chapter 13 bankruptcy offers a structured approach to reorganize debts into affordable monthly installments, allowing Memphis residents to catch up on secured loans without surrendering property. At Hurst Law Firm, P.A., we work directly with you to design and present a plan that meets court requirements and aligns with your financial reality.
What Chapter 13 Bankruptcy Involves
Chapter 13 is often called the “wage earner’s plan” because it’s tailored for individuals with steady income. Instead of selling assets, you repay creditors over three to five years under a court‑approved schedule. From the moment your petition is filed, an automatic stay halts most collection actions—stopping wage garnishments and foreclosure proceedings. A trustee then reviews your proposed repayment structure and monitors your plan’s progress.
Determining Eligibility in Memphis
Federal law caps the amount of secured and unsecured debt you can hold to qualify for Chapter 13. You must demonstrate reliable monthly income sufficient to cover plan payments plus reasonable living expenses. Homeowners who are behind on mortgage payments frequently use Chapter 13 to catch up and keep their residence. Hurst Law Firm, P.A. examines your income, debts, and expenses in detail to confirm whether Chapter 13 is right for you.
Building a Realistic Repayment Schedule
A successful plan balances what you owe with what you can afford. Priority debts—like past‑due mortgages and tax liens—must receive full repayment, while other unsecured balances may be paid partially based on available disposable income. Your plan should also include household necessities and allowable expenses. Our attorneys help you gather the necessary documentation, calculate payment amounts, and present a proposal that satisfies both the court and your budget.
Key Advantages of Chapter 13 Relief
One of the greatest benefits of Chapter 13 is retaining valuable assets—homes, vehicles, and personal items—while catching up on arrears. The automatic stay provides immediate relief from creditor actions, offering breathing room as you repay. Completing the plan leads to discharge of any remaining eligible unsecured debts, allowing you to rebuild credit and restore financial confidence.
Why Hurst Law Firm, P.A. Stands Out
Choosing seasoned counsel can streamline the process and reduce stress. Hurst Law Firm, P.A. brings years of experience before Memphis bankruptcy courts. We explain complex procedures in clear terms, prepare all required paperwork, and represent you at hearings and trustee meetings. Our team is committed to guiding you through each phase, so you can focus on regaining stability and planning a secure financial future.
Ready to discuss your options? Reach out to Hurst Law Firm, P.A. today for a personalized consultation and take the first step toward debt recovery.
