Chapter 13 Bankruptcy Attorneys in Tennessee and North Georgia

If you are behind on your mortgage loan, car loan or other secured loan, Chapter 13 bankruptcy offers the opportunity to get your debt under control while keeping your property.

The attorneys at the Law Office of W. Thomas Bible, Jr., have extensive experience handling Chapter 13 bankruptcies and can help you determine if Chapter 13 is right for you. We provide knowledgeable bankruptcy representation to clients from Chattanooga and throughout Tennessee and North Georgia.

Do you have questions about the Chapter 13 repayment plan? Contact us today online or by telephone at 423-424-3116 to arrange a consultation with a knowledgeable Chattanooga Chapter 13 bankruptcy attorney.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is also known as the “wage earner’s plan” because it allows people who earn a steady income the opportunity to pay all or a portion of their debts over a period of time. Like Chapter 7 bankruptcy, Chapter 13 also immediately stops creditor actions like home foreclosure and vehicle repossession.

When you file for Chapter 13, you propose a payment plan to the bankruptcy court. The plan will last between three and five years, depending upon the nature of your debt and other factors. Chapter 13 bankruptcy is a viable debt relief option for many people who have fallen behind on home loans and other types of debt, and just need a chance to catch up and reorganize their debt.

Stripping Second Mortgages

Another feature of Chapter 13 bankruptcy is its ability to strip second mortgages. This means that if you are upside down on your first mortgage (you owe more than the house is worth), Chapter 13 will completely eliminate any second mortgages on the home. This is only possible if you have no equity in the home and it is your place of residence.