Shelton Chapter 13 Lawyer

Getting buried in debt is highly stressful for anyone unable to pay their debts.Many factors impact the need to file for bankruptcy, including the possibility of foreclosure on your home. If your wages are being garnished, you won’t be able to pay off the debts you owe. If you are struggling to keep up with your mortgage and pay off insurmountable debt, Tim Pletter, a Shelton Chapter 13 lawyer,will help you learn your options for filing for bankruptcy relief.

Our team atAmbrogio, Pletter & Associates, LLC, understands how difficult and challenging filing for bankruptcy can be and how stressed you and your family might feel. However, with our legal experience and the resources we have readily available, we willwalk you through the entire Chapter 13 bankruptcy process. We are ready to explain your financial rights for relief and help you get back on your feet.

If you find that filing for Chapter 13 bankruptcy becomes a necessity, our team is here to help.

Understanding Chapter 13 Bankruptcy in Connecticut

Chapter 13 bankruptcy is commonly known as the “wage earners”plan when it comes to filing for bankruptcy. The legal tools permit individuals with a steady income to create a plan to repay part or all of their debt. In this situation, individuals can propose a repayment plan that will allow them to make payments in installments to their creditors over the course of three to five years.

If anyone seeking Chapter 13 bankruptcy has a monthly income belowConnecticut’s median income, the repayment plan could be as short as three years. With a monthly income greater than the state’s median, the plan for repayment must be for five years. However, in no case can the plan be made for more than five years. If you’re financial condition changes during the five years, you might become eligible for chapter 7 bankruptcy.

The most common reason to file a Chapter 13 bankruptcy is to stop the foreclosure of a home. You can keep your house and your car while you catch up on missed payments when you file for Chapter 13. Additionally, Chapter 13 stops all active or pending wage garnishments. However, it is important to remember that you must still make your mortgage payments on time when they are due in addition to the plan payment throughout the term of a Chapter 13 bankruptcy plan.

A second advantage to filing for Chapter 13 bankruptcy is that it can allow you to reschedule certain secured debts and extend them over the lifetime of the plan. Anyone can file for Chapter 13 bankruptcy as long as the total number of their debts, regardless of whether it’s consumer or non-consumer debt, is $465,275 in unsecured debt and $1,395,875 in secured debt. These are the Chapter 13 debt limits as of July 2024. These Chapter 13 debt limits can change periodically.Attorney Tim Pletter will help you gather and complete the necessary documents for filing a Chapter 13 bankruptcy, which include:

• A statement of financial affairs
• Schedules of assets and liabilities
• A list of all your property
• The source, frequency, and amount of your income
• A highly detailed list of all monthly living expenses, including food, housing, clothing, taxes, utilities, and transportation.

For married couples filing for bankruptcy, this information is required for both spouses, regardless of whether they are filing jointly, filing separate petitions, or if only one spouse is chooses to file a bankruptcy. It is important to remember that one spouse can choose to file bankruptcy, even if the other spouse chooses not to file bankruptcy.

Chapter 13 Bankruptcy and Personal Injury Cases

If you have or are currently pursuing a personal injury case, speak with Attorney Tim Pletter about how this will impact your Chapter 13 bankruptcy filing. Our team will help you maximize your exemptions and protect your funds. You must always disclose the personal injury claim to the bankruptcy courts. The bankruptcy must approve the hiring of your personal injury, attorney as well as your pending settlement agreement. A personal injury settlement could alter your repayment terms or payment amounts.

FAQs

Filing for Chapter 13 bankruptcy can be an overwhelming experience, and you need the legal counsel of a bankruptcy attorney like Tim Pletter to proceed through these cases successfully. At Ambrogio, Pletter & Associates, LLC, our team will walk with you through the whole process. Contact our offices today to schedule a free consultation and learn more about our bankruptcy services.