Chapter 13 Bankruptcy Lawyers in Springfield, MO
You may be worried if you are behind on your home or auto loan payments. Filing for bankruptcy alone can be daunting, especially if you are facing foreclosure or repossession. Not to mention, filing Chapter 13 bankruptcy is a complex process. Our team of bankruptcy attorneys can help.
Schedule a Free Consultation
Working with an experienced attorney ensures that you don’t miss a step that could disqualify your case. Our bankruptcy lawyers will help you file your petition and guide you through the process of filing for Chapter 13 bankruptcy. During your free initial consultation, our attorneys will talk through your situation with you to determine the course of action that is best for you and your family.
Experienced Bankruptcy Attorneys
At Reynolds & Gold Law, we have helped clients cancel their debt for almost 30 years. We’ve handled countless Chapter 13 bankruptcy cases for people just like you. Our bankruptcy attorneys can help you feasibly resolve your debts.
Combined Years of Experience
As an experienced law firm, Reynolds and Gold has had the privilege of helping thousands of clients navigate the complex world of bankruptcy. Here’s what they have to say.
This is the best law firm in Springfield! Mr. Reynolds along with Jennifer, helped me get through my bankruptcy. They... read more
Very pleased with the service I received throughout my bankruptcy. I communicated with Jennifer the most and she was amazing.... read more
Chapter 13 Bankruptcy: How Does It Work?
Who is it for?
Chapter 13 bankruptcy is for individuals with a regular income. To file for Chapter 13 bankruptcy, you must be able to pay back a portion of your debt. There are limitations on the amount of debt you can have to qualify for Chapter 13 bankruptcy. You may not be eligible if your debts exceed the limitations or if you’ve filed for bankruptcy in the past two to four years.
Cost & Filing Fees
To file for Chapter 13 bankruptcy, you’re required to pay a $313 filing fee, which can be paid in installments if approved by the bankruptcy court. If you have difficulties keeping up with your debt repayment plan and need to convert your bankruptcy to Chapter 7, you’re required to pay a $25 fee.
The Means Test
The means test is intended to help determine whether or not you have the disposable income required to keep up with your debt repayment plan. It uses several factors that determine whether you qualify for Chapter 13 and what your payment will be. These factors include your income, the number of people in your household, and your monthly living expenses.
Debt Relief & Reorganization
Filing Chapter 13 bankruptcy allows you to keep your assets as long as you can afford them. Instead of selling off your property to pay back your debt, Chapter 13 requires you to follow a repayment plan approved by a bankruptcy court.
Many repayment plans let you pay back significantly less than what you owe. You will have to pay certain debts, like child support, in full. Repayment plans typically last three to five years. When the plan ends, the rest of your debt is canceled.
What Do You Need to File?
Before you file for Chapter 13, you will need to go through credit counseling. Once you decide to move forward, you will need to collect information on the following:
- Your creditors and their addresses
- Your income for the last 6 months
- Any property/assets you claim
- Your monthly living expenses
You will also need your most recent federal tax return and a statement of any unpaid taxes. When you file for Chapter 13, you will have to pay a filing fee to your local court. You can’t file for Chapter 13 bankruptcy if you have already petitioned for bankruptcy in the last 180 days.
Do you have questions about bankruptcy? Our resources can help you find the answers you need to navigate your current financial situation.