Chapter 13 Bankruptcy

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During your no cost chapter 13 debt relief analysis with The Columbus Bankruptcy Lawyer Scott Needleman, he will utilize his 30 years of chapter 13 bankruptcy experience to analyze your financial situation and create a plan of action to put your financial future back on track. 

Columbus, Ohio Bankruptcy Lawyer Scott Needleman

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Chapter 13 Bankruptcy Attorney Columbus, Ohio

If you are struggling to keep your head above water financially, filing for Chapter 7 or Chapter 13 bankruptcy may be the best option. You may be reluctant to consider speaking to a Columbus bankruptcy attorney because you are concerned you will lose your home or because you are afraid you will never qualify for credit again; however, once you understand a bit more about ch13 bankruptcy it should alleviate these concerns.

At The Needleman Law Office, we understand how financial problems can negatively impact you and your family which is why we are committed to helping you find a solution. Contact my Columbus chapter 13 bankruptcy law office today by calling 614-575-1188 so that we can discuss your legal options and start you on the path to a brighter, debt-free future.

Columbus, Ohio Chapter 13 bankruptcy lawyer, Scott Needleman explains repayment plan filing information

What Is Columbus Ohio Chapter 13 Bankruptcy?

An individual debtor may file for bankruptcy protection under Chapter 7, 11, 12, or 13 of the U.S. Bankruptcy Code. Chapter 11 is commonly used by the owner of a small business while chapter 12 is reserved for family farmers and fishermen. Therefore, most individuals file under Chapter 7 or Chapter 13 bankruptcy. To file under Chapter 7 you must pass the “means test” which compares your income with the income of other similar households in Ohio. If you do not qualify to file a chapter 7 bankruptcy, or you have valuable non-exempt assets that you do not wish to lose, you will need to file bankruptcy under Chapter 13.

Filing Chapter 13 Bankruptcy in Columbus, Ohio

Chapter 13 is frequently referred to as a “wage earners” bankruptcy because it is typically used by debtors who earn a moderate to above average income. When you file a chapter 13 bankruptcy you and your attorney will be required to develop a repayment plan that will allow you to repay the majority of your debts over an extended period of time, typically three to five years. A percentage of your available income each month will be set aside to pay your debts. You will send the agreed-upon amount to the bankruptcy trustee each month who will then distribute the funds according to the agreed-upon schedule. 

Chapter 13 Bankruptcy Repayment Plan

The repayment plan will give preference to priority and secured debts which may include debts such as certain federal and state tax obligations or a mortgage loan that you took out to finance your home purchase. The funds will be distributed based on priority and then the amount of the debt, meaning a priority creditor to whom you owe a large debt will likely receive a significant percentage of the available funds each month. You, however, no longer need to worry about how to distribute your available funds each month. Upon the successful completion of your repayment plan most remaining unsecured debts will be discharged, or eliminated.

Columbus Chapter 13 Bankruptcy Attorney

Columbus, Ohio Chapter 13 Bankruptcy Attorney Scott R. Needleman, of The Needleman Law Office, works with hard working individuals who, for a variety of reasons, are facing financial hardship. Attorney Needleman is committed to helping you resolve your financial crisis. Contact the office today by calling 614-575-1188 so that we can discuss your legal options and start you on the path to a brighter, debt-free future.

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