Chapter 13 Bankruptcy in Appleton
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If you are struggling to pay for your mortgage, motor vehicle, or any other debts, Chapter 13 bankruptcy can help you regain your financial independence. This type of bankruptcy allows you to repay some of your debts over a three- to five-year period.
If you are interested in filing under Chapter 13 in Appleton, WI, I can help determine if this type of bankruptcy is right for you. I’ve had the pleasure of helping thousands of clients find debt relief and get back on their feet. Do not hesitate to get a new start immediately.
Filing Under Chapter 13
Before you can file for Chapter 13, you must obtain credit counseling education from an approved agency and submit a repayment plan to the court and creditors. Your secured and unsecured debts cannot surpass a specific limit. You must also afford both your monthly household expenses and payment toward the repayment plan.
If your household income is below Wisconsin’s median income, you must make payments for three years. Once you fulfill the repayment plan, some of your remaining debts will be eligible for discharge. If your household income is above the state’s median, you will be required to make payments for five years, after which some remaining debts will be forgiven. Unsecured debts (i.e. credit card and healthcare debt) are eligible for discharge.
Chapter 13 bankruptcy can help you do the following:
- Stop foreclosure
- Avoid repossession of your vehicle
- Modify your mortgage
- Create a plan which enables you to repay your secured debts
Do I Qualify For Chapter 13 Bankruptcy?
To qualify for Chapter 13, you must prove the information below:
- Your income tax filings must be current. Provide last four years' documentation.
- You must have sufficient disposable income to repay your debts and live comfortably.
- Your debt must be within the limitations.
- You cannot file for Chapter 13 if own a business that is in debt.
Your case will be dismissed if you do not provide your tax returns or transcripts for the last four years.
You must show the court that you have enough income to meet your repayment obligations in a 3-5 year repayment plan. This means that after deducting expenses and required payments on debts such as a car loan or mortgage, you have enough disposable income. If you do not have enough, you will not qualify for Chapter 13.
If your debt exceeds a specific amount, you will not be eligible. The limit changes every three years. As of April 2019, the limits are $1,257,850 of secured debt and $419,275 of unsecured debt.
Finally, if you are a business owner, you can file for Chapter 13 as an individual. If your business is in debt, you cannot. The better option would be Chapter 11. There may be a few circumstances where a business may file for Chapter 13, however, you must reach out to a skilled bankruptcy attorney to find out if your situation is applicable.
Begin a Free Evaluation with a Bankruptcy Attorney in Appleton
With more than 20 years of experience, I have a comprehensive knowledge of Wisconsin’s bankruptcy system to guide you through the complexities of your case. I can make sure you stay committed to your repayment play and protect your rights against creditors. Let me help you take control of your finances today.
Contact us and speak with an Appleton bankruptcy attorney now!
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