Last October the new bankruptcy laws (referred to as "BAPCPA" for Bankruptcy Abuse Prevention and Consumer Protection Act) came into effect creating for debtors and lawyers representing debtors a new bankruptcy world quite different from the old world under the previous bankruptcy law. Many traps now await the unwary debtor anxious to remedy his or her financial problems and the landscape into bankruptcy relief has now been altered so that professional guidance is essential more than ever before.
Attorney Thomas J. Chowning has the knowledge to help you tackle your debt problems with success. He has mastered BAPCPA and can guide you through the labyrinth of landmines embedded in the new bankruptcy law and help bring you to the serenity of enhanced financial security.
Tom Chowning and his legal assistant, Danielle, are available to help you right away. They will navigate you through the median income and means tests as well as assist you with all the new hidden procedural requirements. They will fully inform you of your rights and responsibilities. All remedy options will be completely explained to you including nonbankruptcy debt resolution.
Call the Chowning Law Office for a free appointment. As the new bankruptcy law effectively prohibits consultation on debt relief over the phone, we can only talk to you in person but there is no obligation for this in person consultation. More importantly, the interview will provide you with much helpful debt relief information.
The cost of our services is very reasonable and fully explained at the end of the initial interview. Call today for a free consultation: 800-248-4080 or 812-232-4080.
NOTES ON CHAPTER 13 BANKRUPTCY
Many debtors should be considering the consumer bankruptcy alternative of Chapter 13 instead of Chapter 7. Indeed, the new Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) has as a chief justification for its existence the reduction of the number of Chapter 7 filings and managing them in Chapter 13 instead. This desired result is reflected in the income test requirements.
Yet the debtor need not dispair for he or she may well find that Chapter 13 may achieve a more beneficial solution in bankruptcy. In Chapter 13 the debtor can still restart his or her life toward a goal of increased financial independence. At the same time the debtor will be doing his best to pay his creditors as best he can for a period of time. This method of debt rehabilitation allows the debtor to pay what he can and limits creditors collection efforts to the bankruptcy repayment process.
In addition, frequently there are numerous other advantages to Chapter 13 debt repayment. A debtor may use it to stop home foreclosures and cure the mortgage delinquency through the chapter 13 plan payment system. He or she may use it as well to adjust payments on secured claims and to pay back tax liabilities.
In a Chapter 13 plan of repayment it is the debtor that proposes the amount of his or her plan payment based on a realistic budget of what they can afford to pay during the month. A standing chapter 13 trustee will, of course, review the proposal but if the plan is proffered in good faith, meets the liquidation test, represents the best efforts of the debtor and is feasible, the plan can be confirmed as is or sometimes with minor changes. Once confirmed the debtor has arranged to repay his debts in a way he or she can best be able to complete and the creditors must accept that plan of repayment in full satisfaction of their claim or claims against the debtor. When the plan is finished what is not paid on the debt or debts is generally discharged as in a chapter 7 case.
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