A Chapter 13 bankruptcy lawyer can change the way you do things. Find out how you can protect your assets under this chapter of bankruptcy.
The process of becoming bankrupt involves allowing a court-appointed professional to sell any excess assets you have to repay your creditors what you owe them. Then,
any remaining debt is discharged. However, for those who have assets they do not wish to lose, talking with a Chapter 13 bankruptcy lawyer is necessary. This professional can help you to determine if this is the right method for overcoming your financial condition. In many cases, this method provides more freedom from the loss of assets.
What Is Different
When comparing this form to total discharge, there are some key differences to know about. Look at the difference as it affects your assets. Talk to a Chapter 13 bankruptcy lawyer to find out if this is the best solution for your needs.
Under these laws, you will not lose any of the assets you own. You will receive total protection of all of the things you own.
If you have loans in place on any assets, such as a car or a home, you must stay up to date on these payments. The loans do not go away, however some loans, such as those on your car, will be wrapped into the repayment of the loan.
You will continue to make payments during the process. How much you have to repay will differ from one person to the next. However, much of your unsecured debt will in fact be discharged at the end of the process.
In many situations, this method allows you to rebuild your credit, but you will need to remain within the process for three to five years. During that time, you will have limited access to credit. It is necessary to realize this is a long term commitment in most cases.
There are fewer income limitations and requirements under this form. This way, you may have a better chance of qualifying if you do not qualify under the total discharge option.
For many people, the decision to file this type is a difficult one. However, it can provide a long term solution to your financial needs. Talk to a Chapter 13 bankruptcy lawyer to find out if this method is best for your needs. In many situations, it can offer the stability you need to move beyond your current financial limitations.
A Chapter 13 bankruptcy lawyer will work with you to determine if this is the right law to use to get out of debt. For those who have an income, have assets they wish to protect and wish to reorganize their debt to make it easier to repay, this is the right solution. It offers a long-term solution and a way out of the debt problems and collector's calls. For many, it is the best solution possible.
