If you need to file for bankruptcy, it’s important to hire a qualified lawyer who has experience handling this type of case. A reputable bankruptcy attorney will make sure that all of your debts are covered and that you’re able to keep all of your assets.
Your attorney will also help you determine if you qualify for Chapter 13 bankruptcy and will help you create a repayment plan that fits your needs. They will also help you avoid any common mistakes that could harm your bankruptcy case.
The most reputable bankruptcy attorney will be able to provide you with guidance and support as you work through your bankruptcy case. This can be especially important if you have young children or are struggling to make ends meet.
During a Chapter 13 bankruptcy, your creditors are not allowed to come after you for repayments on non-dischargeable debt. Instead, you can create a payment plan to repay creditors over three to five years, while keeping any nonexempt assets that you own.
There are many advantages to filing for bankruptcy under Chapter 13. It can help you get a fresh start, eliminate the most debt possible and protect your most valuable assets.
However, it’s important to note that filing for bankruptcy is a complicated process and it’s easy to make mistakes or miss a step that could cost you money or affect your case. It’s also a good idea to get some pre-filing credit counseling, so you can better understand your financial situation and decide whether filing for bankruptcy is the right decision for you.
A bankruptcy attorney can also help you determine if filing for bankruptcy is the best option for your situation. They will review your debts and income to help you decide if Chapter 13 is the right solution for you. Check out https://www.phoenixfamilylawyers.net/chapter-13-bankruptcy-attorney/ to find the best lawyer for you.
What Can I Do If I Can’t Pay My Debt?
A Chapter 13 bankruptcy can be a helpful tool if you’re having trouble making your mortgage payments or car loans. It allows you to cure mortgage arrears through a “catch-up” plan, while still retaining the right to continue to make the monthly mortgage payment to the lender.
You can also use the bankruptcy to protect other types of assets. For instance, you can remove unsecured junior liens from real estate through lien stripping and reduce the principal balance on secured debts through loan cramdown.
In addition, a bankruptcy attorney can help you file for Loss Mitigation if your home is in danger of foreclosure. Using loss mitigation, you can seek to have the mortgage lender make a modification offer to your loan.
When you file for bankruptcy, you’ll need to gather all of your financial information and submit it to the court. This includes a budget, a repayment plan and other paperwork. Then, your attorney will submit it to the bankruptcy trustee, who will verify that it’s feasible and complies with the law.