VICK LAW FIRM, LLC
Bankruptcy  •  Real Estate  
Kansas City downtown

FIRM OVERVIEW
ATTORNEY PROFILE
PRACTICE AREAS
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Real Estate
CONTACT
 
GET RID OF Credit Card Debt, Medical Bills, Utility Bills, Lawsuits, Old Repossessions
Stop Wage and Bank Garnishments Stop Repossession Stop Foreclosure Stop Real Estate Liens

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a debt repayment plan for individuals. It generally allow you to get rid of credit card debt, medical bills, car loans, and other types of debt and move forward with your life without the loss of personal assets. Chapter 13 Bankruptcy is best if you are a wage earner, you have equity in assets that cannot be protected through filing a Chapter 7 bankruptcy, and you wish to retain those assets. Further, Chapter 13 Bankruptcy is a good option if you are behind on payments to secured creditors, such as those involving a house or car.
For example, you have 3 to 5 years to catch up on past-due mortgage payments, and other secured debt. It also allows you to reduce debts by paying a discounted amount over time based upon your income and ability to repay the debt. Contact The Vick Law Firm and an attorney will assess your individual case and provide you with a solution that will work for your situation.

The Bankruptcy Process
Chapter 13 eligibility is based on your ability to repay all or part of your debts. Similar to a Chapter 7 Bankruptcy, a determination of your ability to repay is based upon a mathematical calculation known as the "means test," which compares your income to income of others in the same household size in your area. If you are below the median income for your household size, you can be in Chapter 13 bankruptcy for as little as 3 years, however, you can structure your repayment plan over 5 years if needed. If you are above the median income for your household size in your area, you will generally have to be in bankruptcy for the maximum 5 years. Similar to a Chapter 7 Bankruptcy, once you file Chapter 13 bankruptcy, the automatic stay goes into effect, which stops garnishments and prohibits most creditors from contacting you about any outstanding debts.

Approximately thirty (30) days after you file Chapter 13 bankruptcy, your 341 Meeting will occur with the Court appointed Chapter 13 trustee, an attorney, who will ask you questions about your petition and schedules. Creditors can appear at the Meeting, however, in most situations, creditors do not appear. Most 341 Meetings last about five (5) minutes, and generally, you will not have to go before a Judge. After your 341 Meeting, the Court will grant your proposed repayment Plan after it has been approved by all parties in interest.

The Advantages of Chapter 13 Bankruptcy
Chapter 13 bankruptcy can be a powerful option to enable you to catch up on past due mortgage payment and keep your home, while making your current payments each month. If you are overwhelmed by a second mortgage secured by your home, under current law, Bankruptcy Courts can reduce or eliminate second and other junior mortgages. For example, if your first mortgage is equal to or greater than the value of your home, the Bankruptcy Court can order that all junior liens be "stripped" or removed from your home, thereby making it an unsecured debt.

Chapter 13 Bankruptcy is also a powerful tool if you have vehicle loans, recent tax debt, and past due child support and alimony
("Priority Debts"). Chapter 13 Bankruptcy will allow you to propose a Chapter 13 Plan that pays off these Priority Debts over the life of
your Chapter 13 Plan 3 to 5 years. This benefit usually enables debtors to lower their monthly payment for those debts.

Finally, if you have personal property where there is nonexempt equity, and you are unable to afford potentially losing the property in a Chapter 7 Bankruptcy, you can file Chapter 13 Bankruptcy and structure a payment plan that allows you to pay-in the equity over 3 to 5 years.

Contact The Vick Law Firm at (816) 421-1769 for a FREE telephone consultation
See whether Chapter 13 Bankruptcy is an option for you.


Affordable Fee Plans
The Vick Law Firm is committed to delivering aggressive and creative debt solutions at affordable fees. We have developed an innovative fee structure that will allow you to pay a portion of your attorney fees prior to filing Chapter 13 Bankruptcy, and the remaining balance through your case after you file. Please contact The Vick Law Firm at (816) 421-1769 or via email for a FREE consultation.
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VICK LAW FIRM, LLC
106 West 11th Street, Suite 1103
Kansas City, Missouri 64105
Phone: (816) 421-1769
Fax: (816) 421-1769