Bend Chapter 13 Bankruptcy Lawyers
Helping Clients Navigate The Chapter 13 Bankruptcy Process in Deschutes County
Chapter 13 bankruptcy is a method for managing your outstanding debts by developing a payment plan to pay down your loans. This option can help you find relief from calls and collections attempts from your creditors, allowing you to focus on finding your financial footing without having added pressures from lenders or collections agencies. Seeking this type of relief isn't always straightforward. You must ensure that you are abiding by federal laws, you meet the eligibility requirements, and you complete and submit the necessary paperwork. You need the help of an experienced Chapter 13 bankruptcy lawyer to effectively file for Chapter 13 bankruptcy.
Backed by over six decades of combined legal experience, our Bend chapter 13 attorneys can provide the legal representation you need for your Chapter 13 bankruptcy filing. At Baxter Harder, LLC, we handle every detail of your matter to ensure you file on time, develop an effective repayment plan, and understand what's expected if your bankruptcy request is granted. Our team is dedicated to helping you find debt relief options that will allow you to manage your financial obligations.
Do you need legal advice for your Chapter 13 filing? Call Baxter Harder, LLC today at (541) 238-9210 or contact us online to schedule a consultation with our Chapter 13 bankruptcy attorneys in Bend, OR.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a form of debt relief that allows you to make payments on your debt for a set period – either 3 or 5 years. After you successfully complete the repayment plan, your covered debts are discharged. A discharge means that the chapter 13 credit report is wiped clean, and you are no longer responsible for paying for it.
How To Qualify For Chapter 13
Chapter 13 bankruptcy is often referred to as a wage earner's plan because it is a vehicle for individuals with enough disposable income to pay at least a portion of their debts. To qualify for Chapter 13, you must have a regular income, and your unsecured and secured debts cannot be above specific thresholds. Unsecured debts are loans that aren't secured by collateral, such as credit cards or medical bills. Secured debts are those with collateral, such as mortgages or car loans.
When you file for Chapter 13 bankruptcy, you must file a petition with the court and include lists of your:
- Sources of income
- Monthly expenses
- Tax information
You must also submit a proposed repayment plan.
Chapter 7 Vs. Chapter 13 Bankruptcy
When many people think of filing for bankruptcy, they think of Chapter 7 and Chapter 13, but they might not know what the difference is. In Chapter 7 bankruptcy, after the request is granted, eligible debts are discharged, and the debtor is no longer required to repay them. Chapter 13 is different in that the debtor develops a repayment plan, and a trustee makes payments to creditors. The debts aren't discharged until after the filer has successfully fulfilled the terms of the plan.
Another difference between Chapter 7 and Chapter 13 is what happens to the debtor's property. In a Chapter 7 bankruptcy, a trustee will sell some of the debtor's non-exempt assets and use the money to pay off or pay down some of their loans. In a Chapter 13 bankruptcy, the debtor may keep their property in exchange for a promise to make regular payments.
How Long Will Chapter 13 Stay on My Credit Report?
Unfortunately, when you file for bankruptcy, the information gets placed on your credit report. Having a bankruptcy on your credit report can make it difficult for you to get approved for additional loans.
The bankruptcy won't stay on the report forever. It's automatically removed after 7 years from the filing date.
Will My Credit Score Go Up After Chapter 13?
It is possible for your credit score to go up after filing for Chapter 13 bankruptcy. While the filing itself will have an immediate negative impact on your score, over time, you have the potential to rebuild and improve your credit rating by making timely payments on existing debts and taking care of other financial responsibilities. Additionally, you can actively work towards increasing your score by gradually building positive payment histories.
Contact Our Chapter 13 Bankruptcy Attorneys Today
At Baxter Harder, LLC, our Bend Chapter 13 bankruptcy lawyers can guide you through the complexities of the process. We'll provide the skilled legal advice you need and help you make confident choices throughout. Don't wait any longer. Contact us today, and let us assist you in the debt relief process!
Contact Baxter Harder, LLC today to get started with our Bend Chapter 13 bankruptcy lawyers.
Over 60+ Years of Combined Experience
Work With an Experienced Former Deputy District Attorney at the Firm
Extensive Trial Experience
We Can Handle Complex Cases in Criminal, Civil, & Family Law
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When you choose our team of experienced lawyers, we will take the time to listen to your needs and remain focused on that as we proceed with your case. We have the knowledge, skills, and resources to provide the quality legal representation you need.