Should You Hire a Chapter 13 Lawyer For Your Finances?

Bankruptcy is not anyone’s favorite topic of conversation but sometimes it is a topic- and a life decision- that cannot be avoided. If you decide to file for a chapter 13 bankruptcy then you are well advised to hire the services of a qualified and experienced attorney. 

A chapter 13 bankruptcy is the type of bankruptcy that many people choose to file for. It is also sometimes referred to as a wage earner’s plan. To some people this name sounds a little more pleasant and not so discouraging. What this method of filing does is it makes it possible for those earning a regular income to come up with a plan that can be put into play to pay all or a sufficient portion of their debtors off in a specified span of time. 

Under this chapter of bankruptcy, the debtor proposes to his or her creditors a repayment plan to make payment instalments over a three to five year period. When a person files for this type of bankruptcy it is smart to hire a chapter 13 lawyer. Under chapter 13 of bankruptcy law the individual is allowed to keep the property they presently own due to the fact that they will be repaying their creditors out of the income they will make in the future. This type of bankruptcy is only available to individuals and small businesses and not to corporations or partnerships of any kind. Once all payments have been made the debtor will then receive a discharge of most (if not all) of his or her debts. 

If you decide to hire a chapter 13 lawyer which is strongly advised then everything to do with the bankruptcy process will be explained to you in detail. If you are an individual or a small business who is currently facing foreclosure, a lawsuit, a lien, repossession or wage garnishment then a chapter 13 bankruptcy lawyer can advise you on what can be done to get rid of your debts as quickly as possible. 

It can be a confusing and stressful time when you come to the conclusion that bankruptcy is not just your best option but it is also your only option. The type of bankruptcy you decide to file for is a major decision and should never be taken lightly. Your attorney will explain to you the fact that in order to file for a chapter 13 bankruptcy you must be earning a steady enough income and a high enough income that even with adjustments made to it you will be able to repay the debts that you owe to your creditors. All of the terms of the bankruptcy process must be agreed upon before a payment plan is set up. 

The chapter 13 lawyer (also sometimes referred to as a chapter 13 bankruptcy information lawyer) that you hire is there to ensure that your rights are protected. Be aware however that all of the supervision for the case is handled by the Bankruptcy Court. The final decisions that you must make before filing can be assisted by the attorney that you retain. He or she can discuss your situation with you and can help you to ascertain if filing for chapter 13 is the smart thing to do or if you should file for another type of bankruptcy chapter.