Big Island Chapter 13 Bankruptcy Attorney
Many individuals have been affected by the serious economic downturn in the United States. If you are an individual who has encountered difficult times because of tax debt, judgment liens, garnishments, a job change, divorce or medical emergency, I can help.
I am attorney Barbara L. Franklin, and for more than nine years my law firm has served individuals throughout Hawaii’s Big Island. My practice, Barbara L. Franklin, Esq., Attorney at Law, is focused on the area of bankruptcy law. After 13 years as Assistant United States Trustee for the District of Alaska, I retired and brought my 26 years of experience and understanding of bankruptcy law in big and small cases as well as from all angles to meet the needs of individuals on the Big Island.
Who Is Eligible for Chapter 13 Bankruptcy?
Generally, Chapter 13 bankruptcy is tailored for individuals who make a regular income. I will use a required “means test” that is laid out by the bankruptcy code to determine whether you qualify for or are required to file a Chapter 13. Generally individuals who have a reasonable and sustainable source of income, which may be higher than the median income, can choose to file bankruptcy and repay creditors under a Chapter 13 plan. Corporations and partnerships cannot file Chapter 13, only individuals.
In Chapter 13, I will use the bankruptcy code and information about your income and your assets to formulate a feasible plan for repayment of your debt. If the plan is approved, even if objected to by the trustee or creditors, the court will confirm a plan that will last for three to five years. While Chapter 13 may take some time to work through, at the end of the specified time, your unsecured debt will be discharged, including some unsecured liens. Additionally, if the plan is performed successfully, creditors will look back favorably on the plan because you made a successful effort to repay the creditors under the law.
Why Might It Be Beneficial to File Chapter 13 With a Big Island Debt Consolidation Attorney?
Chapter 13 bankruptcy is an excellent tool to assist individuals who are in need of some debt relief assistance. Chapter 13 may enable an individual to:
- Keep certain assets that could be liquidated in a chapter 7 case
- Pay arrearages on a mortgage (in order to keep the home—works for cars too!)
- Eliminate mortgages that are not secured by the value of real property
- Remove recent liens
- Resolve a tax lien
- Find limited tax debt relief