Chapter 13 Bankruptcy – Macon
Chapter 13 Bankruptcy also known as a wage earner’s plan is designed for an individual debtor who has a regular source of income. Chapter 13 is often preferable to chapter 7 because it enables the debtor to keep a valuable asset, such as a house. It also allows the debtor to propose a “plan” to repay creditors over time- generally three to five years. The bankruptcy court either approves or disapproves the plan, depending on whether the plan meets the Bankruptcy Code’s requirements for confirmation. Chapter 13 is very different from chapter 7, since the chapter 13 debtor usually remains in possession of the property of the estate and makes payments to creditors, through the trustee, based on the debtor’s anticipated income over the life of the plan. Unlike chapter 7, the debtor does not receive an immediate discharge of debts. The debtor must complete the payments required under the plan before the discharge is received. The debtor is protected from lawsuits, garnishments, and other creditor action while the plan is in effect. The discharge is also considerably broader (i.e., more debts are eliminated) under chapter 13 than the discharge under chapter 7.
Contact us if you want to file for bankruptcy. Our Macon, GA (Georgia) bankruptcy lawyers regularly help clients in Macon GA (Georgia), as well as Roberta, Warner Robins, Forsyth, Byron-Centerville, Culloden, Fort Valley, Haddock, Jeffersonville, Lizella, Perry, Gray, Irwinton, Milledgeville and Vienna including Bibb County, Monroe County, Jones County, Crawford County, Peach County, Twiggs County, Baldwin County, Dooly County Houston County, Wesleyan College, Macon State College and Mercer University file for bankruptcy.
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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
http://www.macongabankruptcy.com
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