Need to File for Bankruptcy?

Learn more about Chapter 13 bankruptcy in Greensboro & Burlington, NC

Chapter 13 bankruptcy is typically the type of bankruptcy used when someone needs to save a house or car, are behind on the payments and don't qualify for Chapter 7. While Chapter 13 is not a traditional liquidation bankruptcy, it still can be an essential means to restore your financial health. Blalock Law Offices, P.A. in Greensboro & Burlington, NC, helps our clients understand both Chapter 7 and Chapter 13 bankruptcy, including when filing for Chapter 13 may be more advantageous.

Chapter 13 bankruptcy lets you keep your property and assets by paying back your creditors. This requires a three-to-five-year payment plan in which you pay back a portion of the debts you owe. Provided you make all your payments on time and in full, you can wipe clean your remaining dischargeable debts at the end of the payment plan.

Call 336-274-2343 today if you need a Chapter 13 bankruptcy attorney.

Why you should choose Chapter 13

The first advantage of Chapter 13 is that you don't have to pass a means test to qualify. The Chapter 13 means test determines your payment size and the duration of your payment plan. Chapter 13 can also help you deal with special kinds of debt and financial strife by:

  • Stopping foreclosure
  • Rescheduling secured debts
  • Protecting cosigners on your loans
  • Curing delinquent mortgage payments
  • Consolidating bills into one monthly payment

Additionally, you can discharge debts like retirement loan debts, court fees, homeowners association fees, debts from nondischargeable tax debt and nondischarged debts from a previous bankruptcy. Email us now if you're interested in a Chapter 13 bankruptcy.

Weighing the pros and cons of Chapter 13

While there are many advantages to Chapter 13, you may also encounter some drawbacks. Firstly, corporations cannot file for Chapter 13. Additionally, it requires you to live on a fixed income for three to five years. You also typically cannot take on new debt without first obtaining approval from a bankruptcy court.

If you need a Chapter 13 bankruptcy attorney to help you weigh the advantages of Chapter 13, contact attorney Blalock today.


Office Location

620 Green Valley Road
Suite 209
Greensboro, North Carolina 27408

Phone: (336) 274-2343
Fax: (336) 235-0652