Meeting Criteria with a Chapter 13 Bankruptcy Attorney

The counseling of an experienced Chapter 13 bankruptcy attorney can help you figure out your candidacy for filing in your state. Your income compared to the median, the existence of disposable income and assets that can be applied to your debt affect your eligibility to receive a favorable outcome. Your Chapter 13 bankruptcy attorney can explain the potential outcomes of an agreeable judgment will mean for your debt repayment and your credit standing. Filing is seen as a last resort action for many reasons and a lawyer can help you visualize the pros and cons for your unique situation.

So many individuals are literally financially overwhelmed. From the point of discovery that you need to file, to the process of actually filing, many single professionals and couples are nervous about the process and aftermath of bankruptcy. Due to the fact that your financial woes have increased over time they continuously threaten to become more and more public with creditor phone calls and wage garnishment. There are countless personal demands on your income such as groceries, rent, mortgage, family member medical bills, and child support to name a few. So you see your situation as falling under the many reasons to pursue the assistance of a Chapter 13 bankruptcy attorney despite the potential credit effecting outcomes. So when bills exceed income, bill collectors have become harassing, and there is no end in sight you see that there is a way out. However, in order to regain financial stability a forced repayment plan with the counseling and advice of an experienced Chapter 13 bankruptcy attorney will see you through legal debt assistance.

The first step is to understand the criteria and standards for filing. First, your lawyer will explain the significance of completing government approved credit counseling in order to begin the filing process. It must be completed within six months of filing. Your income will then be compared to the median average for your state. For those with regular income but inadequate (consistent) disposable income to cover you dept each month, your Chapter 13 bankruptcy attorney can help you avoid significant asset liquidation. With this filing you have the opportunity to lower your debt without losing your home, vehicle or other vital property. However, you are required by law to fully disclose all of your assets in order to fill out and sign your petition as directed. That is to say, if it is discovered that you have been misleading it can lead to criminal prosecution.

Lastly, your Chapter 13 bankruptcy attorney will be able to explain to you the potential financial outcomes of your acceptance. First, although you would have successfully avoided the mass repossession, liquidation, or sale of your personal property to cover your debt, you will still be required to pay a portion of it. Second, your credit score will have already taken a pounding pre-filing, the ruling will also have temporary adverse affects. You may experience difficulty with credit cards, loans, and negatively impact opportunities with employment applicable to a high level of your ability to handle client accounts, etc. However, regardless to the temporary setbacks your Chapter 13 bankruptcy attorney will be right there walking you through the entire process from preparation to adjustments after judgment on your specific case.