Chapter 13 Bankruptcy Attorney In Tucson, Arizona
Chapter 13 Bankruptcy is a reorganization plan that allows individuals to obtain the protection of bankruptcy and develop a plan to repay their debt – partially or in whole. A Chapter 13 can be filed by individuals or Sole Proprietors who are business owners. An entity, such as a corporation or LLC normally do not qualify for a Chapter 13 and a different avenue for reorganization is considered.
Although the legal fees are substantially less than filing for Chapter 11 Bankruptcy, the complexity of the process still requires a seasoned attorney. Within Chapter 13 proceedings, the debtors will propose a repayment plan that spans three to five years. I, Eric Ollason, Attorney at Law, have handled thousands of these cases, and am able to minimize attorney’s fees and out of-pocket costs.
When financial troubles become a burden to my clients, and their overall happiness is affected by the heaviness of their debt, we pride ourselves in reassuring them that there is a bankruptcy solution right for them.
Since all filings are not the same, it is important that anyone considering bankruptcy work with an accomplished attorney who has absolute focus in the field to get the most out for our client(s) financial future. I not only have over two decades of experience, I deliver results in each case that my office represents.
Types of Debt & Chapter 13 Solvency
There many type of debts, however to explain how bankruptcy works there are generally two types of debt to be focus on where bankruptcy law is concerned:
- Secured debt
- Unsecured debt
Secured debt is defined as debt that can be retrieved as collateral in exchange for non-payment. These items include your home or car, or any other item that can be repossessed in the event of non-payment. In essence, the creditor is taking their security back by repossessing a vehicle or foreclosing on a home.
Unsecured debt includes items that cannot be obtained physically in the event of non-payment. These items can include credit card bills, medical bills, legal fees, accountant fees, old cell phone bills and even old rental agreements.
Depending on the circumstances of your bankruptcy review, it could be possible to reassess your current debts and lower the remaining amount owed. For instance, in some cases, if you were to owe $10,000 on a car that is currently only worth half of that amount, we can work with the lien holder to rewrite the loan for the merely the value of the vehicle and not the whole balance due.
Keep in mind that each bankruptcy case is reviewed individually, and that everyone is not the same. There are circumstances where the provisions on previous debt discussed do not apply, including tax debt or student loans. That is why it is important to meet with an experienced attorney who understands your overall financial position before choosing a type of bankruptcy.
For instance, under a Chapter 7 Bankruptcy you would be forced to part with any family heirlooms that are of value as mandated by the Trustee. However, under normal Chapter 13 filings, you would be able to keep those items while abiding by the repayment plan that is outlined within the rule of the Bankruptcy Code and Rules.
Am I Eligible for Chapter 13 Bankruptcy?
Meeting with Eric Ollason and his office staff is a great start in understanding your financial position, and how we can help you achieve the move into a positive direction. Your eligibility will depend on a number of factors, including your income, assets, and debt. If you are behind on your house payment, and are in jeopardy of going into foreclosure, Chapter 13 Bankruptcy may be right for you. If your income allows, and you have excessive unsecured debt, a legally negotiated repayment plan could be the answer you are looking for.
Next Steps: Chapter 13 Bankruptcy
Before anyone considers bankruptcy in any category, it is important to meet with our board-certified bankruptcy Specialist, Eric Ollason in Tucson, Arizona. I and my office staff have been focusing on bankruptcy law for over two decades, and have handled thousands of successful cases to date.
The very first step is simply setting up a meeting with us, and learning about your options. You will not need to bring anything to the initial consultation but yourself. It is important to us that we understand your financial situation by starting with a conversation, not paperwork.
Plan of Action
Once we understand your personal circumstances, we will create a list of items we would like to review at our next meeting. This allows you to get your initial anxiety out of the way, while we provide focused solutions on your behalf.
My staff and I have been working together since our firm opened over twenty years ago, and we take pride in our approach to helping individuals achieve financial relief. Contact us today at (520) 791-2707 to understand how we can take the stress off your shoulders, and create a plan that fits your specific needs.