Chapter 13

Chapter 13 Bankruptcy Attorney: Serving The Midlands, Upstate, and Lowcountry

Struggling with mounting debt despite a steady income? Chapter 13 bankruptcy, often called the wage earner’s plan, might be your solution. This legal option allows you to develop a manageable repayment plan while retaining your assets. At V.R. Perry Law Firm, we specialize in Chapter 13 bankruptcy law, offering personalized solutions led by our seasoned attorney, Vaughan Perry.

Why Opt for Chapter 13 Bankruptcy Over Chapter 7?

While Chapter 7 bankruptcy can eliminate most unsecured debts, Chapter 13 offers specific advantages:

Stop Foreclosure and Repossessions

Filing for Chapter 13 can halt foreclosure proceedings, allowing you to catch up on missed mortgage payments over a 3 to 5-year period. Similarly, if you’re facing car repossession, Chapter 13 can help you keep your vehicle.

Asset Protection

If you possess significant equity in your home, Chapter 13 bankruptcy allows you to protect these assets from being sold to settle debts.

Income Limitations

Individuals with a higher monthly income might not qualify for Chapter 7 bankruptcy due to the Means Test. Chapter 13 is often the better option in these cases.

How Does the Chapter 13 Repayment Plan Work?

Under Chapter 13, you’ll create a repayment plan to clear your past-due balances on mortgages, car loans, and other debts within 3 to 5 years. You’ll continue to make regular payments during this period, but under terms that align with your financial capacity.

Navigating the ‘Means Test’

The Means Test determines your eligibility for Chapter 7 or Chapter 13 bankruptcy based on your income. Vaughn Perry, our skilled South Carolina Chapter 13 bankruptcy attorney, can help you understand this test’s implications during your first consultation.

Additional Benefits of Chapter 13 Bankruptcy

Chapter 13 also allows for revaluation of certain secured debts, like auto loans and IRS tax liens, potentially reducing your financial burden.

Secure Your Financial Future with V.R. Perry Law Firm

Feeling overwhelmed by debt? Consult Vaughn Perry at V.R. Perry Law Firm for a tailored Chapter 13 bankruptcy strategy. With years of expertise in bankruptcy law, we give each case the individual attention it deserves.

Serving clients across South Carolina, we are your trusted Chapter 13 bankruptcy resource in South Carolina. Ready for a debt-free life? Contact us at (803) 389-0408 or schedule your consultation online.