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Trying to manage debt can be an overwhelming experience. For many, Chapter 13 can offer a way forward and manage financial difficulties while providing options for addressing outstanding debts. However, the path can be complex, and engaging with the multiple laws, filings, and appointments needed throughout the process can leave you confused. A talented Cleveland, TN, Chapter 13 bankruptcy lawyer from Mark T. Young & Associates can help you move forward by providing sound counsel.
At Mark T. Young & Associates, we have been working with the clients to help guide them through bankruptcy issues. Our talented Cleveland bankruptcy lawyers understand that each case is unique, and we focus on the individual needs of the client. We have helped many individuals and small businesses navigate the complexities of Chapter 13, and we can provide experienced counsel as you engage with the bankruptcy process.
Chapter 13 bankruptcy laws allow for the consolidation of debt and the structure of a repayment plan. After this time, the remaining debt may be discharged. Often, Chapter 13 is used in situations of extreme financial difficulties to prevent things such as house foreclosures, pay back taxes, and make up missed mortgage payments, among other situations.
In 2024 alone, over 190 thousand people across the US filed for Chapter 13. Chapter 13 grants an automatic stay on creditors’ actions, providing relief from what can often be aggressive credit recovery tactics. Governed under the Bankruptcy Code, Chapter 13 bankruptcy allows for what is known as “rehabilitation” of debts. This means that you can restructure debt while generally avoiding the requirement of liquidating assets.
Typically, in order to qualify for Chapter 13, an applicant must have proof of regular income. Total debts must not exceed $1,149,525, and unsecured debts must not be more than $383,175. Before filing for Chapter 13, a person must first complete an approved credit counselling course by a court-approved provider within 180 days before filing. This typically costs about $75.
The filing itself must be done at the US Bankruptcy Court for the Eastern District of Tennessee on East 11th St in Chattanooga, and the form itself typically costs $313. However, there may be other forms that should be submitted, depending on the circumstances. Petitions should be filed with relevant financial documents, including a statement of monthly net income, payments made by an employer, and a schedule of assets and liabilities, as well as the filer’s education tuition accounts.
Having an experienced attorney during this process can be critical. A knowledgeable Chapter 13 bankruptcy lawyer will be able to assist with preparing paperwork and compiling relevant financial information, assisting you through hearings, representing your interests, and advocating on your behalf to ensure the discharge of relevant debts.
When hiring a Chapter 13 bankruptcy lawyer, it is important to find an attorney with experience dealing with bankruptcy, as well as an understanding of both state and federal regulations. At Mark T. Young & Associates, we have been serving the people of Cleveland and greater Tennessee for years by offering experienced counsel during bankruptcy.
With a broad background in a variety of Chapter 13 bankruptcy cases, the skilled lawyers of Mark T. Young & Associates are prepared to advocate on your behalf and assist you through the often-complex process of Chapter 13 filing. Whether you need help filing, guidance in compiling financial records, or representation during hearings, our Cleveland Chapter 13 bankruptcy attorneys are here to help.
A: In Tennessee, filing for Chapter 13 costs roughly $400 at a minimum. It typically requires an approved counseling course within 180 days before the petition is entered. This costs about $75. Filing the petition itself costs $313, but depending on the circumstances of the case, additional forms may need to be filed as well. In addition to these charges, it is advisable to hire an attorney to assist with the filings, advocate on your behalf, and ensure that necessary records and paperwork have been submitted properly.
A: It is important to remember that several factors can affect an attorney’s fees for a Chapter 13 filing. Lawyers are entitled to charge individual rates based on the services they provide, and each filing has unique circumstances. Someone preparing to file Chapter 13 should be prepared to discuss costs during an initial consultation with an attorney.
A: There may be a few downsides to filing Chapter 13 Bankruptcy. The most immediate is the negative impact it can have on your credit score. Chapter 13 can impact your credit for years. This, in turn, can affect your ability to find approval for loans. In addition, some forms of debts are non-dischargeable, leaving you with remaining debts that you must address outside of the repayment structure.
A: You need a lawyer for Chapter 13. A talented Chapter 13 lawyer can be a critical asset when engaging with the filing process and beyond. An experienced attorney can assist in collecting all the relevant financial records, filing the petition, and advocating on your behalf during the structuring process to ensure that your interests are looked after during debt consolidation.
Filing for Chapter 13 can be a complex process, but it is not an uncommon step to consolidate debt and move forward financially. Whether you need guidance during the filing process, assistance in engaging with the court systems, or counsel regarding how to approach a Chapter 13 filing, Mark T. Young & Associates is ready to assist you. Contact us to learn how we can help.
At Mark T. Young & Associates, We Get You The Help You Need.
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