Youngtown Chapter 13 Bankruptcy Attorney
Financial hardships can disrupt your life if you are unable to handle them properly. Some are forced to default on their debt and file for bankruptcy. However, filing for bankruptcy is not that simple because there are different types. One type of bankruptcy filings is Chapter 13 bankruptcy.
Chapter 13 bankruptcy is known as “wage earner’s bankruptcy” because those who qualify for this filing still have a steady source of income, and their properties will not be liquidated during the repayment process. The court will approve the repayment plan the debtor will need to follow and be the one to distribute the money to the creditors each month.
Repayment plans often last up to five or ten years, depending on the amount owed by the individual, and a trustee will monitor the repayments to see if it is paid on time.
Chapter 13 bankruptcy can become very complex depending on the type of debts involved and the documents filed by the debtor. To go through the process and make sure the payment plan takes your interests into account, you should partner with a great Youngtown Chapter 13 bankruptcy attorney who will be your guide and legal support. Dodge & Vega PLC is always ready to take care of your Chapter 13 bankruptcy filing and make sure you will be able to keep up with the plan provided by the court.
Call Dodge & Vega PLC at (602) 737-2368 for your Free Consultation with a Youngtown Chapter 13 Bankruptcy Attorney!
Understanding Chapter 13 Bankruptcy
Chapter 13 bankruptcy is created for people who would like to pay off their debts but will need assistance in stopping creditors while sorting out a payment scheme to get it paid.
It is also the alternative to Chapter 7, given the threshold of income an individual should have before they can file for Chapter 13 bankruptcy. But, in recent years, even those who are earning high salaries are turning to Chapter 13 bankruptcy in order to sort out their increasing debt.
Chapter 13 bankruptcy is also the bankruptcy filing of choice for those who wish to protect their assets.
In Youngtown, the process of filing a Chapter 13 bankruptcy is similar to the process followed across Arizona. The process is as follows:
1. Signing up for Credit Counseling and Debtor Education Courses
Before you can file your documents for Chapter 13 bankruptcy, it is required in the state that you complete two bankruptcy courses from approved companies. Each course on Credit Counseling and Debtor Education is 90 minutes to two hours long, and the Credit Counseling course should be finished before the filing. You can complete the Debtor Education course after filing, but it is recommended to take it immediately after filing so that you do not forget it during the filing process.
2. Filling Up the Paperwork
Chapter 13 bankruptcy forms can be around 100 pages or more, depending on your financial documents and debts. A bankruptcy lawyer can complete the form with you and review them to ensure that they are accurate and complete before it is filed in court.
The forms for Chapter 13 bankruptcy cases include information about the following:
- Real estate
- Bankruptcy exemptions
- Income
- Personal property
- Debts
- Expenses
- Co-debtors
- Leases and Executory Contracts
The debtor will also need to complete a Statement of Financial Affairs, a form with two dozen questions about your financial transactions and income for the past two years. Additional information, such as recent payments, lawsuits, contributions, transfers, and others, are also in these forms.
3. Filing the Paperwork in Youngtown Bankruptcy Court
Once the paperwork is filled, your bankruptcy lawyer can bring all the documents to the court for filing and get a case number. The court will schedule a First Meeting of Creditors and a Confirmation Hearing, where all parties will discuss the terms of the payment plan for the Chapter 13 case.
When the plan is confirmed, payments must be made monthly until the debt is completely paid. If there are any questions, you can seek the assistance of your bankruptcy lawyer, and they can guide you so you can complete the plan easily.
4. Pay all related costs.
Filing for a Chapter 13 bankruptcy will include a lot of costs, from attorney fees, trustee fees, filing fees, bankruptcy course fees, and others. It is best to check with your creditors and with the court regarding any other fees that you need to pay as part of your filing.
Our Youngtown Chapter 13 bankruptcy attorney will sit down with you to determine if Chapter 13 bankruptcy is ideal for you. If it is applicable to your case, we will sit down with you to teach you what each stage does, plan the best payment plan for your situation, and we will handle the legalities for you, so you don’t have to worry about anything. We will also make sure you complete each step properly, so your bankruptcy case proceeds accordingly.
Arizona Bankruptcy Exemptions
Arizona has bankruptcy exemptions in place to protect the property’s net equity from repaying your existing debts. During a Chapter 13 bankruptcy case, the non-exempt equity influences the amount of money you have to pay each month for your unsecured debts, and it usually doubles the amount unless exemptions are claimed.
Net equity is calculated by subtracting a valid lien and the allowable exemption from the fair market price of the asset. If the result is zero or negative, it will not affect the monthly payment for your Chapter 13 case.
Down below are the exemptions that will be taken into consideration by our Chapter 13 bankruptcy attorney when we handle your case:
- Homestead Exemption
- Automobile Exemption
- Tools of Trade Exemption
- Personal Property Exemption
- Special Exemption Handling for Arizona
- 401(k) Plan
- 403(b) Plan
- Alimony
- IRA
- Annuities
- Health Savings Account
- Disability Income and Benefits
- Social Security Benefits
- Worker’s compensation
- Arizona Unemployment Compensation and Benefits
Although there is a Federal Bankruptcy Exemption available to certain individuals, the state of Arizona does not allow individuals to use their federal bankruptcy exemptions. Instead, they are asked to use state-specific exemptions if they have lived in Arizona for 730 days or more.
Bankruptcy exemptions for the state also change from time to time which is why it is best to hire a Youngtown Chapter 13 bankruptcy attorney like us at Dodge & Vega PLC to help you create the case and see which exemptions qualify for your case.
Filing Limitations for Chapter 13 Bankruptcy in Arizona
Some people can face financial difficulties several times throughout their lifetime, which will require them to file for bankruptcy to control their debt. There are no restrictions as to how many times a person can file for bankruptcy; however, there are waiting times that must be considered before filing for another bankruptcy case.
For Arizona, the time limits are based on the filing dates of the bankruptcy cases:
- If you originally filed for a Chapter 7 case, you can file a Chapter 13 bankruptcy four years after.
- If you filed a Chapter 13 case, you need to wait for two years before you can file another Chapter 13 bankruptcy.
It is ideal to speak to your Youngtown Chapter 13 bankruptcy attorney to know if you should file again or not. Your bankruptcy lawyer can even help you find other debt relief options in case it is better than filing for bankruptcy. Dodge & Vega PLC can help you assess if reapplying for bankruptcy is ideal for your case or not.
First-Rate Bankruptcy Legal Services
Chapter 13 bankruptcy can become complex, given the documentation that needs to be filed and the payment plans that will be ordered by the court. While it is an option for individuals who wish to file for bankruptcy on their own, their success rate is not guaranteed compared to those who receive legal support from a trusted Youngtown Chapter 13 bankruptcy attorney.
Dodge & Vega PLC is one of Youngtown’s highly rated bankruptcy law firms that can help with any type of bankruptcy filing, including Chapter 13 bankruptcy. We are fully equipped and experienced to handle every stage of the case, from filing the documents, planning and drafting the petition, and negotiating the payment plan to the rest of the legal processes that will be ordered during the bankruptcy term.
We know how stressful bankruptcy filings can get, and getting the ideal payment scheme that works for you. We also know the risks and stakes involved in bankruptcy filings which is why our team will make sure we know everything about your case in order to provide the correct legal support needed by the client. If you need a professional legal team to handle your Chapter 13 bankruptcy case, contact Dodge & Vega PLC today, and we’ll get you started.
Let’s Talk – Free Consultation
Even if you are declaring bankruptcy, you shouldn’t lose hope if you still have sources of income to pay off your debts. You can file for a bankruptcy setup that will help you keep your properties, continue earning income, and get your debts under control.
With our Youngtown, AZ bankruptcy law firm on your side, we can help you file for a Chapter 13 bankruptcy and be your passionate representative during the negotiations. We will also make sure that you are aware of every step for your bankruptcy case and that you are ready to take on the court-ordered payment plan to sort your debts. You will not go wrong with our legal support so contact us at any time to find out how we can make your bankruptcy case more bearable.
Call Dodge & Vega PLC at (602) 737-2368 for your Free Consultation with a Youngtown Chapter 13 Bankruptcy Attorney!