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Bankruptcy Attorney | Weik Law Office | Serving Raleigh, Durham, Cary, Chapel Hill, and Wake Forest, NC |
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The following is a sample plan to illustrate how a Chapter 7 and Chapter 13 may help you. The examples are not intended to be specific legal advice and details may change pursuant to your individual case.
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| Before consulting with Weik Law Office | |
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After Filing Chapter 7 | |
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After Filing Chapter 13 | ||||
| • Credit cards and hospital bills of $10,000 • Interest rate is 28% • Penalties are accruing each month • Payment is $416/month |
Eliminated | • Reduced to $12/month • No interest • No penalties |
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| • Car payment of $460/month • Interest rate is 18% • Bank threatening to take car |
Must become current to keep car or surrender car and wipe out debt | Reduced to $312 /month with only 12% interest *Stops repossession |
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| • Child support arrearage of $6,400 • Court demanding $310/month |
Non-dischargeable | Reduced to $106/month | ||||||||||
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| • House arrearage of $3,206 • Bank beginning to foreclose |
Must become current to keep house or surrender house and wipe out debt | Reduced to $89/month *Stops foreclosure |
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| • Taxes owed to IRS of $2,810 • IRS demanding $160/month • Interest rate is 6% |
May be eliminated if over certain period and filed on time | Reduced to $47/month with 0% interest | ||||||||||
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| • Student loan of $6,000 • Interest rate is 9% • Agency demanding $209/month |
Non-dischargeable | Reduced to $100/month with 0% interest | ||||||||||
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| • Personal loan owed to bank • Monthly payment is $120/month • Bank threatening to garnish paycheck |
• Eliminated • Garnishment stopped |
• Reduced to $12/month • No interest • No penalties |
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| • Monthly payment before filing: $1,675 • Repossession pending • Foreclosure pending • Creditors calling every day • Garnishment threatened |
Depends on items kept | • $678/month • Payment reduced by 60% • No repossession • No foreclosure • No creditor contact • Garnishment stopped |
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