Chapter 12 Bankruptcy Attorney
Chapter 12 is a bankruptcy provision designed to cushion the financial distress of a person by designing a plan through which they can pay back a substantial part, if not all, of their debt.
Under this provision, the debtors draft a plan which spreads out their payments over the next three years, letting them repay their debt in installments.
However, the court may extend it to five years if the debtor has proof that he is committed to child support or alimony. The court may also extend the repayment plan for certain reasons. However, the court can not extend the repayment plan beyond five years.
Chapter 12 eliminates most of the complexities, costs, and broadness that other bankruptcy provisions tend to feature. Chapter 11 is designed for large corporations since it is more complicated and expensive. Chapter 13 seems to be a simplified version of both provisions. This is because it provides for wage earners whose debts are far smaller than those of large corporations.
At Smoot and Utzman, we have an in-depth knowledge of Chapter 13 Bankruptcy and are also skilled enough to navigate its intricacies. Beyond understanding the specifics of this provision of law, we seek to understand the specifics of your case as well. Our clients are our priority. We offer free consultations so we can walk you through all your options. Contact us today, and let’s get your papers going.