Chapter 13

Mary Beth Ausbrooks - bankruptcy - Super Lawyers

About Mary Beth Ausbrooks

Rothschild & Ausbrooks, PLLC
1222 16th Avenue South , Suite 12
Nashville, TN
Phone: 615-242-3996
Fax: 615-690-3119

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Selected To Super Lawyers: 2014, 2019
Selected To Rising Stars: 2010 - 2011

Video Transcript 

MARY BETH AUSBROOKS: A Chapter 13 bankruptcy is a repayment plan that lasts three to five years. If your house is in foreclosure or your car is subject to repossession and you want to keep your house or car, Chapter 13 bankruptcy is probably your best option. There are different rules in Chapter 13 on how debts have to be paid back.

If you have a mortgage, we have to propose that your regular monthly mortgage payment is paid each month. You do, however, have three to five years to get caught up on any arrearage. With regard to your vehicle loans, we at least have to pay the value of the vehicle back, with often a reduced interest rate and restructured payments.

With regard to your unsecured creditors like credit cards and medical bills, there's a couple of different tests we have to do to determine if you have to pay a certain amount back to those creditors. One's based on your assets and one is based on your income. Most obligations that arise from a divorce decree or a tax debt, you will have five years to get those obligations paid off or caught up.

At Rothschild and Ausbrooks, we know how to calculate Chapter 13 plans. We will calculate a plan that will not only meet all of these various rules, but will also allow you to meet your living expenses. It's important that you be able to live and eat, keep your electricity on, and make this plan payment that allows you to keep your house and your vehicle.


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