If you find yourself in a situation where you’re struggling to pay the bills on time and make ends meet, you need to consider the option of seeking financial help. One of the best resources that many people can take on in order to absolve themselves of their debts comes in the form of a bankruptcy process. If you cannot afford to discharger debts under a chapter 7 bankruptcy and you need to pay back your creditors, a chapter 13 bankruptcy proceeding could provide you with the debt relief that’s required. Working with a competent attorney can be one of the finest ways that you can get through the process of struggling through debt relief and restructuring your payments to end the harassment that you’re facing from creditors. What is chapter 13 bankruptcy? How do you find out more about chapter 13 bankruptcy?
Our attorneys have over 30 years of experience and the ability to restructure and reorganize debt for a chapter 13 federal bankruptcy case. We have built a strong practice on the commitment to providing excellent attention and personal service with extremely high levels of responsiveness. If you’re interested in talking to one of our attorneys about the process of chapter 13, begin your consultation today.
Chapter 13 Explained
Any chapter 7 bankruptcy test will require the use of a means test. Means tests will determine whether or not you can repay your creditors in full and work with an experienced lawyer can help you to understand how your proceeding could be restructured into a chapter 13 plan. A competent attorney will be able to guide you through the process of restructuring your debts and protecting your interests accordingly.
If you do not qualify for chapter 7 our team can review your income potential as well as your current obligations to determine how you could pay your creditors over a 3 to 5 year period. Under a chapter 13 bankruptcy, we can review your various debts and restructure them so that you’ll be able to establish an ongoing repayment plan for managing your debt. Whether you’re filing for Chapter 13 or Chapter 7, an automatic stay will be placed on your account that will prevent creditors from attempting to collect debts through other means apart from the bankruptcy process.
We will represent you through the process of the chapter 13 filing and we handle every aspect of your bankruptcy including filing all of the documents that are required to initiate the process and advocating for you in meetings. We will work with your bankruptcy trustee, creditors, the court system, and more to establish a reorganization plan that works well for yourself and for your creditors. We want to make sure that the arrangement that is established for a chapter 13 bankruptcy is agreeable to both parties.
Any chapter 13 bankruptcy arrangement needs to be completed within the means of our clients. Even with the protection of an automatic stay, you’ll still need to be able to complete your payments and meet the needs of your agreement. Through our assistance, we can make sure that will be able to establish the best form of proposed repayment from your creditors. We can help you restructure your debts, receive appropriate repayment agreements from creditors, and go through the process of protecting you to meet the needs of your agreement.
Under a chapter 13 agreement, we might be able to help you avoid foreclosure, keep your home, keep your vehicle, and more. Unlike chapter 7 bankruptcy that may require you to sell off a large portion of your assets, it may be possible to enjoy a system that is safer for keeping your quality of life as long as you are able to stick to the repayment plan.
The Greatest Advantage Of Chapter 13 Bankruptcy
liquidation bankruptcy is what occurs under a chapter 7 plan and one of the most significant advantages that chapter 13 uppers is the chance to save homes from foreclosure. If you’re in a position where your mortgage is falling behind or you are facing foreclosure proceedings due to delinquent payments, establishing a chapter 13 repayment plan can give you the advantage of rescheduling your secured debts and extending them over the plan to lower your payments. If you’re carrying consumer debts and they are preventing you from paying items like your home loan and more on time, choosing a bankruptcy plan can be a useful solution for protecting yourself and your most crucial assets.
Qualify for chapter 13 bankruptcy can be much easier so long as you did not have a prior bankruptcy petition that was dismissed due to a willful failure of repayment plans. You will also be required to attend some form of debt management and credit counseling under chapter 13.
If you are ready to stop the harassment while also protecting your assets for the future, contact us today to learn more about chapter 13 repayment processes in bankruptcy.