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Filing for Chapter 13 Bankruptcy in Mem
Many residents in the Memphis area may not know that Memphis holds the dubious distinction for filing the highest number of Chapter 13 bankruptcies in the nation. There may be a variety of reasons for this but Chapter 13 also has a very high failure rate.
Here’s how a Chapter 13 bankruptcy works. About three to five week after filing, you as the debtor will meet with your creditors to discuss your financial situation. There is also a confirmation hearing to attend.
You will be set up on a payment plan that runs from 36 to 60 months. As secured debts, the payments on your house and car are made first. If they are behind, you can catch up on them during the life of the plan.
One good thing about Chapter 13 bankruptcy is that attorney’s fees are low in the beginning and those fees can be financed right along with the repayment plan. With a Chapter 7 bankruptcy, your filing fees cannot be financed; they must be paid up front.
Often, debtors choose the Chapter 13 bankruptcy because it gives them some extra time to catch up on their bills. In the long run, those with steady employment and who use payroll deduction often fare much better on a Chapter 13 plan.