South Dakota Chapter 13 Bankruptcy
Also known as the "Wage Earner Bankruptcy." Individuals with a regular source of income can put together a payment plan in exchange for keeping all of their property.
How will Chapter 13 Bankruptcy help me?
With numerous companies offering debt consolidation services, it is crucial to remember that Chapter 13 bankruptcy remains the only true method of debt consolidation and elimination. Filing for Chapter 13 not only affords you breathing room in the repayment of debts, but you also gain several governmental protections such as the automatic stay.
In Chapter 13 bankruptcy, you will create an affordable payment plan to help you get back on track. Chapter 13 repayment plans generally last three to five years. The minimum amount you will have to repay depends on how much you earn, how much you owe, and how much your unsecured creditors would have received if you would have filed a Chapter 7 bankruptcy. At the end of that time, any unpaid, unsecured debt may be discharged.
There are various restrictions and limits associated with filing Chapter 13 bankruptcy. It is essential to discuss your specific situation with an experienced bankruptcy attorney.
Debt reorganization and repayment
There are numerous benefits to filing Chapter 13 bankruptcy, including:
- Stopping foreclosure- Chapter 13 can stop a foreclosure any time prior to a sheriff’s foreclosure sale and allow you to repay your mortgage arrears. You will still be obligated to make all future payments directly to the mortgage company, but it may not proceed with the foreclosure. Additionally, you might be able to modify the terms of your original mortgage to make your payments more manageable.
- Stopping repossession- Our law firm can use Chapter 13 to stop a finance company from repossessing items like vehicles. Past-due payments, along with outstanding balances on loans, will be consolidated under Chapter 13. The finance company cannot repossess the item, and you will not have to make a payment directly to the finance company.
- Co-signer protection- Your co-signers get protection from collection activity while you are in your repayment plan.
- Consolidating student loans- Although you may not eliminate student loans in Chapter 7 bankruptcy, you can consolidate student loan debts with your other bills in Chapter 13 and stop collection actions against you.
Learn about the Chapter 13 process here.
Get a free case evaluation
An experienced bankruptcy lawyer can provide information tailored to your unique financial needs and let you know if you qualify for Chapter 13.
The team at Ribstein & Hogan Law Firm has been providing bankruptcy services for over 25 years and can guide you through the process. For your convenience, we are here to answer your questions and handle your case filing virtually – you will not have to leave the comfort of your home. To find out more and receive a free, no-obligation case evaluation with one of our experienced bankruptcy lawyers call (605) 692-1818 or fill out our contact form below.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Get in Touch
We offer a FREE, no obligation consultation to evaluate your case. If bankruptcy isn't the best option for you, we will tell you. If it is the best option, then we will work with you every step of the way.
At Ribstein & Hogan, we are one of the few certified law firms in South Dakota able to file your bankruptcy without you stepping foot in an office or court room. This means that the entire process can be done virtually.
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