Chapter 13: An Affordable Payment Plan
Chapter 13 bankruptcy allows you to set up an affordable plan for repaying a portion of your debt. The payment plan is customized to your unique situation. It is affordable because you pay your living expenses first, then any remaining income is divided among your creditors.
If you have a regular source of income, you will most likely qualify for Chapter 13 bankruptcy. Contact Jimmy E. McElroy & Associates in Memphis for more information. We serve clients in Tennessee and Mississippi, and we offer free initial consultations.
What Can Chapter 13 Do For You?
Many individuals opt for Chapter 13 when they are facing potential or immediate consequences of delinquent payments.
Chapter 13 bankruptcy can prevent foreclosure, wage garnishment, repossession or eviction, and it can restore your utilities.
Filing for Chapter 13 bankruptcy can even help you get your driver’s license back if it was taken away for delinquent child support. However, the best thing that Chapter 13 bankruptcy can do for you is to make your debt manageable. For example:
- $10,000 of credit card debt can be paid back at $27.13 a week.
- $5,000 of medical bills can be paid back at $13.57 a week.
- $4,000 of student loans can be paid back at $15.50 a week.
Expedited Chapter 13 Services
To become eligible for Chapter 13, you will be required to obtain a certificate of credit counseling. Jimmy E. McElroy & Associates is an approved credit counseling agency. One of our attorneys will sit down and help you develop a repayment plan that works for you.
We then file everything electronically, expediting the process so you do not have to go to the courthouse.
Contact Us Today
For comprehensive Chapter 13 bankruptcy services, contact the lawyers of Jimmy E. McElroy & Associates at 901-881-8730.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.