A Chapter 13 Bankruptcy Attorney Can Assist You With The Filing Process
Generally people that are in debt avidly seek out every way that they can to correct this problem and regain their financial independence. These days one of the only ways to get out of debt is to file a bankruptcy. A chapter 13 bankruptcy attorney can assist you with the process of filing for this particular bankruptcy chapter and explain all of the provisions that you must meet in order to be able to do so.
You have two different choices that you will need to make when it comes to filing for a bankruptcy. There are only two chapters for individuals and they are chapter 7 bankruptcy and the wage earners bankruptcy that is also referred to as a chapter 13 bankruptcy. This type of plan is referred to as such because the debtor will have to agree to repay a certain amount of their debts back to their creditors over a pre-decided amount of time.
Your debt will not be eliminated until you, your attorney and your creditors have decided upon a payment plan that suits all parties. The plan will normally last for three to five years and after the amount of funds agreed upon has been paid back in full, only then will you be able to consider yourself a debt free individual.
The way this plan works is actually quiet simple. You will be required to choose a repayment plan that works best for you. Generally, individuals opt to obtain a plan that they can afford, there is no need to try to overpay for your debts since this type of plan is made to allow you to pay a fair share of the money that you owe back typically over the course of three to five years.
One of the main reasons why so many people are anxious to file this particular type of bankruptcy is because with doing so they are able to cease any foreclosures from taking place on their property. This means that the debtor will not have to worry about their homes being taken from underneath them, because they are making the right steps to get their debts rectified with haste.
In order to be able to qualify for one of these types of plans there is a certain list of criterion that an individual must meet. First of all, an individual cannot have more than $336,900 in unsecured debt and their secured debt cannot exceed $1,010,650. These provisions must be met before an individual can attempt to apply for this particular chapter of bankruptcy.
Also if a debtor has been denied bankruptcy provisions they cannot file for a chapter 13 bankruptcy until 180 days has surpassed their disapproval period. Remember that a chapter 13 bankruptcy does not completely relinquish your debts you will be required to pay back all of the amounts that you owe when you agree to engage in this type of bankruptcy.
If you are presently not generating a positive amount of income, then you will not be able to file for this type of bankruptcy. Since you are agreeing to pay your debts back, only people that have the money available to do so will be approved for a chapter 13 bankruptcy.
Be aware that through hiring a chapter 13 bankruptcy attorney, this does not constitute that you will be able to get over on creditors. Your attorney will simply become the negotiation party when it comes to figuring out the amount of money that you will be required to pay back for your debts.
Looking for a means to eliminate debts and rebuild your bright financial future? A Chapter 13 Bankruptcy Lawyer will be able to assist. Check out our guide on the best Chapter 13 Bankruptcy Attorney in your region .
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One Comment
Filing yourself is also good option but its very important to take guidance from experienced bankruptcy attorney. It helps you to file with fulfilling all required documents without any fault.