Chapter 13
Helping you repay your debts over time without losing your hard-earned assets
Chapter 13 Bankruptcy Attorney In East Longmeadow, Massachusetts
What Is A Chapter 13 Bankruptcy?
If you've found yourself in the precarious position of falling behind on your house or car payments, a Chapter 13 bankruptcy can serve as a lifeline. It has the power to halt foreclosure on your home, secure your car, and potentially even decrease the amount you owe on your vehicle. In unique cases, you might qualify for a plan wherein you pay only a portion of your debt while maintaining ownership of all your assets, such as your home and car. Got past unpaid parking tickets that led to the loss of your driver’s license? A Chapter 13 bankruptcy can enable you to reclaim it.
However, to leverage all the benefits of a Chapter 13 bankruptcy, you need a knowledgeable bankruptcy attorney like William J. O'Neil by your side. Operating out of Massachusetts, William J. O'Neil carries a solid record in managing Chapter 13 proceedings for his clients – he can guide you towards a positive outcome. Discover how William J. O'Neil can assist you; arrange an appointment today.
Call The Law Office of William J. O'Neil at 413-675-5151 to schedule a consultation with a lawyer today.
How Do I Qualify for a Chapter 13 Bankruptcy?
First and foremost, securing a consistent, reliable income is essential – sufficient to make regular payments as determined by the court. This income can come from a variety of sources, such as Social Security or disability benefits, unemployment compensation, retirement benefits, or even rental income. However, if you're a stock or commodity broker, Chapter 13 bankruptcy won't be accessible to you. Also, corporations are not eligible for Chapter 13 relief. As a sole proprietor or self-employed individual, you may qualify, given that your debts are within certain limits. Moreover, if your debts span over three to five years, it's probable that you'll qualify, provided a means test confirms your eligibility. William J. O'Neil, an attorney in Massachusetts, can review your situation beforehand to help you determine if a Chapter 13 bankruptcy serves your best interest. To kick-start the process, reach out to his office at your earliest convenience.
What Happens During a Chapter 13 Proceeding?
Firstly, you will have to establish your suitability through the earlier mentioned means test. If you qualify, William J. O'Neil can assist you in filing for a Chapter 13 bankruptcy in Massachusetts, which will put a halt to any foreclosures, wage garnishments, repossessions, lawsuits, or any other forms of harassment from your creditors. Together, you and O'Neil will develop a repayment plan, which then requires court approval. The court will assess whether you have proposed this plan with sincere intentions and confirm that the sum your unsecured creditors will obtain is not less than what you would have paid with a Chapter 7 filing.
Moreover, your payments must effectively utilize all your disposable income – all your income that does not cater to your support and maintenance. Though the process may seem intricate, with a seasoned bankruptcy lawyer like O'Neil supporting you, you can be assured of a successful outcome. To embark on this process, simply contact O'Neil's office today.
Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
Have Questions?
Call The Law Office of William J. O'Neil at 413-675-5151 today to speak to an attorney.