A Chapter 13 bankruptcy attorney provides individuals with guidance, information, and legal representation throughout the process of filing this type of bankruptcy. In a Chapter 13 case, an individual or couple will ask the bankruptcy court to adjust their debts to make it possible for repayment to occur. This is a type of debt reorganization and it can be very effective in terms of helping individuals to get caught up on debt. Yet, it is critical to have an attorney by your side through the process.
Protecting Your Assets
One of the most important reasons to file Chapter 13 is because it can help you to protect your assets. In typical Chapter 7 cases, assets are liquidated so that the funds can be used to repay creditors. In Chapter 13, assets are left untouched. However, you still will benefit from having a Chapter 13 bankruptcy attorney by your side to help you to manage the process. You may need to rework agreements with your mortgage lenders, auto lenders, or other debtors so you can get caught up on your payments.
Understanding the Process
Another reason to work with these lawyers is because they will work with you to educate you on the process. This includes helping you to manage everything from the filing of your documents to meeting with the trustee. This includes help in the following ways.
- Determine what your budget is. This will provide the bankruptcy trustee with information about how much your monthly payment should be to pay back your debt.
- To help you with handling any claims or judgments against you in a court of law that may occur during the process.
- To help you to manage the three to five years of payments you will need to make to the trustee to get your debt caught up, including handling any issues that arise during that timeframe that could cost you the case if mistakes are made.
What if you need to purchase a car during that time? What if you cannot make your scheduled monthly payment? What if you want to re-file as a Chapter 7 when your financial situation gets worse? These are some of the things your Chapter 13 attorney will help you with going forward. Though you can file on your own, doing so can be very risky. It places you in a situation in which you have to meet the requirements of the court in a very specific fashion. If you fail in any way, your case can be thrown out.
You need the help of a Chapter 13 bankruptcy attorney so that as much of your debt as possible is discharged. You can schedule a meeting with these attorneys and start discussing your options openly. Find out if this is the right type of bankruptcy for you, how much your monthly payment is likely to be, and determine if you want to move forward. You may find that filing bankruptcy with an attorney by your side just makes sense.
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