I am a Chapter 13 bankruptcy attorney in Decatur, AL who will discuss with you a wide range of solutions for financial problems. If bankruptcy is appropriate I act under the Bankruptcy Code as a "Debt Relief Agency," to help you file for bankruptcy.
Filing a Chapter 13 Bankruptcy Case
When you file for Chapter 13 bankruptcy in Decatur, AL, the process provides you with a way to repay all, or at least some, of the money you owe to your creditors directly from the income you earn. John Zingarelli Attorney At Law can help you with your repayment plan. This plan must be submitted to the court within 14 days of filing Chapter 13 in Decatur, AL.
A repayment plan lets you pay back the money you owe at a rate you can afford. A budget is prepared showing all your necessary living expenses, including any house payments, which are paid before payments are made to the plan for your creditors. Such a plan usually takes about five years.
Learn More About Chapter 13 Bankruptcy
When filing for Chapter 13 bankruptcy in Athens, AL, you are allowed to claim or declare exemptions. It is a common practice to pay less than the full amount you owe, but still receive a discharge of the full amount at the end of the plan. This is only applicable if you've met all of your plan's requirements.
The money paid into your repayment plan goes to a court-appointed bankruptcy trustee, who will distribute the funds to your creditors according to the terms of the plan. Chapter 13, much like Chapter 7, gives you an automatic stay that stops your creditors from suing you, garnishing your wages, or harassing you in any way.
Understand Section 341 Hearings
John Zingarelli has the experience and knowledge to help you prepare all necessary paperwork and make sure you're ready for a Section 341 hearing. At this meeting, your trustee will review your proposed plan and ask questions to determine if you are paying your creditors as much as you can afford.
Once the trustee believes your plan meets all its necessary requirements, they will recommend the bankruptcy court confirms your plan.
For more information about the bankruptcy process, call (256) 350-1264.