Bankruptcy is a final resort for many individuals and businesses; for others, it’s an option. If you’re in a situation where filing bankruptcy may be the best course of action, many resources can help you to understand the advantages and disadvantages of declaring bankruptcy.
A chapter 13 bankruptcy allows you to reorganize your debts in a very efficient manner and repay them over time. To do this, you can submit a plan to the court through a chapter 13 bankruptcy attorney showing how you intend to pay off your debts. The court will review the plan every few months or so until it is approved, at which point it will write off your active bankruptcies. Then the court will grant you temporary relief from specific rules that prevent certain payments from taking place.
The relief from the chapter 13 rules can be taken back at any time at the court’s discretion, and you will be liable for all amounts paid under the plan above what the court allows. If you do not make payments as directed by the court, it is a default on your plan. You can find out whether or not are bankruptcies public knowledge from the bankruptcy document.
What is Chapter 13 bankruptcy?
A Chapter 13 bankruptcy, unlike Chapter 7 bankruptcy, allows an individual to develop a three- to five-year debt repayment plan based on their financial status. Because of its less harsh terms, many people find that a Chapter 13 bankruptcy is the best way to navigate their way out of crushing debt.
But if you think you can afford to navigate the Chapter 13 bankruptcy timeline without help from a qualified Chapter 13 bankruptcy attorney, you couldn’t be more wrong. Here are the top three reasons why no one should ever file for bankruptcy without legal representation:
Chapter 13 bankruptcy attorneys offer an immediate end to creditor harassment
When you’re in over your head with debt, getting daily calls from creditors and debt collectors is the last thing you need. And as soon as you hire a bankruptcy attorney for your Chapter 13 bankruptcy, these calls will cease immediately, giving you the priceless peace of mind to go forward with your bankruptcy that you need.
Bankruptcy attorneys can give you advice every step of the way in your bankruptcy
Most, if not all, people who file bankruptcy are doing so for the first time, with little to no knowledge of how the bankruptcy system works. This uncertainty can make bankruptcy even more stressful than it has to be! But with a qualified bankruptcy attorney, all your questions and concerns can be answered right away, making your bankruptcy go smoother and less stressful.
Bankruptcy attorneys ensure your filing will be successful and mistake-free
Filing for bankruptcy is an arduous, complicated challenge for pretty much everyone who does. And with the amount of paperwork that needs to be filled out to file Chapter 13 bankruptcy, the chances of making a small error on your own are high — and can result in the bankruptcy courts throwing out your case entirely. By hiring a bankruptcy attorney, you can be assured that your bankruptcy filing will be completed correctly and accurately so you can get financial relief right away.
Need more Chapter 13 bankruptcy help or advice? Feel free to ask any questions you may have by leaving a comment below. References.
