A Chapter 13 Lawyer for Reorganization of Debt

May 9
19:24

2012

Andrea Avery

Andrea Avery

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Chapter 13 lawyer services can allow a debtor the opportunity to reorganize their debt and hopefully give them time to get back on track.

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In some situations debt can make it difficult to afford the day to day expenses of living. Food,A Chapter 13 Lawyer for Reorganization of Debt Articles clothing, medicine, and your mortgage can all but take up every spare cent that comes in. that leaves little left for loans and credit card payments. In times like this it can be difficult to determine what the best course of action is. On the one hand you cannot afford to continue making the minimum monthly payments, but on the other you do not want to lose your home or car. There is a solution in the form of hiring a Chapter 13 lawyer who can offer several options and benefits to a debtor and without entirely liquidating one's assets. Those who are contemplating bankruptcy sometimes do not realize that there is a choice. If a person still ahs a job and is still bringing in income but is simply behind in payments or not bringing in enough to cover the monthly bills, there are options available in Chapter 13 lawyer assistance. Those who qualify need only fit into a few criteria. First of all, other bankruptcy options may not be available because one's income is too high. Also, if you are looking to keep assets like a home or car while still postponing payments, a Chapter 13 lawyer could be the right choice. Another matter to consider is whether some of your debt is not eligible to be expunged. Basically where as other types of bankruptcy flat out clean the slate and eliminate oppressive debts, at the cost of liquidating all fungible assets, a Chapter 13 lawyer helps a debtor obtain a period of reorganization during which time the court will allow them to pay off their creditors gradually over the next 3-5 years while still keeping their assets. This process can stop a foreclosure and allow a debtor the opportunity to try and "catch-up" over the next few years in the hopes of being better positioned at the end of this period. Unfortunately sometimes the amount of debt we have accrued becomes too much to handle. With the economic downturn and so many businesses opting to reduce their workforce what was at one time affordable can be downright oppressive. Fortunately, some people only need a little breathing room to regroup and get themselves back in a situation where they can afford to get back on track. In these situations there is the benefit of a Chapter 13 lawyer. It gives those that are in debt a few years to pay back their creditors while still maintaining their standard of living and retaining their property.

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