Our chapter 13 bankruptcy attorneys can help Memphis residents with regular incomes create a payment plan for their debt. Hurst Law Firm will explain how chapter 13 bankruptcy works and what you, individually, can expect from the process. Debt counsel from Hurst Law Firm in Memphis can help you get the best possible outcome and start over debt-free.
How Chapter 13 Bankruptcy Works
Chapter 13 bankruptcy is also regularly known as a wage earner’s plan. This plan allows those who owe debt to make payment installments to creditors across a three to five year time period. Debtors will suggest the debt repayment plan, which must last between three to five years. During this three to five year period under chapter 13 bankruptcy, federal law prohibits creditors from collecting or attempting to collect from the debtor. This protection plan has numerous advantages and is backed by federal law.
Chapter 13 bankruptcy can stop the foreclosure of a home and extend the time available to repay debts. Working with our chapter 13 bankruptcy attorneys can help Memphis residents keep their property, avoid foreclosure, and make debt repayments. Hurst Law Firm can help you find out if you are eligible for chapter 13 bankruptcy and we will advise you during every step of the process. Our chapter 13 bankruptcy attorneys in Memphis have years of experience counseling people struggling with debt. Come to Hurst Law Firm to get your questions about chapter 13 bankruptcy answered and to take the first step towards freedom from debt. Reach out to our legal team today to request your free consultation.