Chapter 13 Bankruptcy Attorney in Greenwood
Your Path to a New Beginning
At the Law Office of Matthew M. Cree, LLC, we have over a decade of experience helping clients find solutions that provide the debt relief they need. Chapter 13 is the second most common form of personal bankruptcy, helping hundreds of thousands of people achieve financial freedom. If you are struggling to pay back your debts, ward off creditors, or attain debt relief through other means, Chapter 13 may be the right option for you.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is designed for those who have a regular source of income. Filers can keep their property, but they must propose a plan to repay a portion of their debt in monthly payments over three to five years. Once the court approves the plan, it appoints a trustee to collect and disburse the plan payments to creditors.
While paying back a portion of the debt may sound unattractive, Chapter 13 has certain benefits not available in Chapter 7, such as stopping foreclosures and repossessions by allowing you to catch up on past-due payments. It also allows for tax debt and past-due student loans to be spread out over a longer period with payments on more favorable terms. Ultimately, Chapter 13 may be the best way to reduce debt without losing your assets.
Frequently Asked Questions About Chapter 13 Bankruptcy
How long does a Chapter 13 bankruptcy last?
Generally, Chapter 13 bankruptcies last for the duration of the payment plan: 3-5 years. The exact length of your plan will depend on your income (compared to the state’s median income), your disposable income, your assets, and how many creditors have filed claims.
What property can I keep in a Chapter 13 bankruptcy?
All of your property! That’s one of the benefits of a Chapter 13 bankruptcy. Because you are repaying a certain portion of your debt, you are allowed to acquire a debt discharge once you complete all monthly payments—without liquidating your assets, as you might in Chapter 7.
Can a Chapter 13 bankruptcy help stop a foreclosure, sheriff's sale, or repossession?
Yes, so long as your repayment plan addresses and funds the arrearage. Not only can it halt a sheriff’s sale or force a lender to return a car, but Chapter 13 bankruptcy allows filers an opportunity to catch up on their past-due payments. These payments can be stretched out over 60-months.
How much does a Chapter 13 bankruptcy cost?
Because we are involved in every step for upwards of 60 months, our fee is a flat $4000, which includes the filing fee to the court. Generally, only $1,000 is required to file your case. You can pay the remaining balance through the course of your repayment plan. This makes Chapter 13 a practical solution, allowing you to reduce what you would otherwise owe to your creditors over the life of your Chapter 13 plan.
Can I include my student loans and tax debt in a Chapter 13 bankruptcy?
Absolutely! Chapter 13 offers the opportunity to spread past-due student loan payments and tax debt out over 36-60 months and often on terms more favorable than what the government offers. Additionally, priority tax debt is paid in full before other creditors, which could reduce the amount you would otherwise need to pay toward credit cards and medical debt.
I had a great experience with Matthew! He made the whole process simple.- Justin M.
Matt was professional, he handled everything.- Deanna B.
Attorney Cree made sure he explained everything making sure I understood.- Lisa L.
Mr. Matthew Cree is an AMAZING Attorney! He always answers your questions very promptly.- Kellie C.
Every time we had a question or concern he would get back to us that day.- Tyler H.