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Filing For Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a form of debt relief that is also sometimes known as the “wage earner” or “debt consolidation” bankruptcy plan.

Chapter 13 is called the “wage earner” plan because you must have some type of money coming in to qualify. Chapter 13 is sometimes called the “debt consolidation” bankruptcy plan because Chapter 13 bankruptcy consolidates your bills into more manageable monthly payments — rather than wiping out your debt altogether.

Under Chapter 13 bankruptcy, the bankruptcy court helps you work out a five-year repayment plan with all your creditors. You will be able to get reduced interest rates, and — most important for many people — you can use Chapter 13 bankruptcy to save your home from foreclosure.

Experienced Lawyers In Your Corner

Our law office provides each new client with a free and confidential initial consultation with Memphis attorneys Charles Rich and Ryan Rich. The Riches have been practicing bankruptcy law in the Memphis area for more than a total of 40 years. With their deep understanding of the bankruptcy laws, they will provide compassionate and practical advice about whether Chapter 13 bankruptcy is a good solution for your financial troubles.

Chapter 13 Or Chapter 7 Bankruptcy?

Chapter 13 bankruptcy is less attractive to many people because it does not wipe out your debt. Instead, it reorganizes your debt payments to make them more manageable. Chapter 13 Bankruptcy also may allow you to keep your house or car, despite being months behind on payments.

Depending on your income level, you may be eligible for Chapter 7 bankruptcy instead of Chapter 13 bankruptcy. Under Chapter 7 bankruptcy, all your unsecured debt is completely wiped out. The Law Office of Rich & Rich can do the necessary calculations to determine which type of bankruptcy you qualify for.

Contact the Law Office of Rich & Rich Memphis, Tennessee

The Law Office of Rich & Rich can help you with your debt load — no matter where you are in the process. If you have already decided to file for bankruptcy, if you are facing foreclosure, or if you see financial trouble coming in the near future and want to understand your options now —contact our office for a free and confidential consultation with an experienced bankruptcy lawyer.

We can answer your questions and discuss your options in a comfortable and respectful setting.

To schedule an appointment, call 901-201-6163 or 866-935-6740 or send us an e-mail.

Complete our bankruptcy case evaluation form.