Filing a bankruptcy is one of the most crucial decisions in a man's life. Taking the call without any professional help might make the matter even worse. You might not know that filing Chapter 13 bankruptcy is an ideal option for people facing home foreclosure, simply because it can stop the entire process in the track. A specialized bankruptcy attorney in American Fork can help you realize the best option for you alongside guiding you through the legal proceedings with care.
However, it is to be noted that Chapter 13 bankruptcy is not only designed to help people facing home foreclosure; it can also be used to act on the following conditions -
- Settle car loan payments or missed mortgage
- Repay non-dischargeable debts like child support, alimony, any sort of tax obligations
- Eliminate unsecured debts
Chapter 13 Bankruptcy – Allows you to Adopt Proper Debt Control Measures
If you are fighting hard to repay your loans and bills every single month then, filing Chapter 13 bankruptcy will surely help you get back on the track by rearranging your debts into a single and affordable payment monthly. To make the most of the option and control your finance best, you should get in touch with a specialized Chapter 13 bankruptcy attorney. Seeking good legal help would help you understand whether Chapter 13 could help you stop foreclosure, eliminate debt, or prevent property repossession.
How is Chapter 13 Different from Chapter 7
Much to the contrary of a Chapter 7 case, filing Chapter 13 is easier. People need not go by the complicated means test to be eligible for the same. Rather, Chapter 13 recognizes your ability to repay debts as the main eligibility criterion. All that is required is a steady source of income, which would help you repay the debts in a timely manner with the help of the court. Filers are usually restricted with regard to the amount of unsecured and secured debts one can have.
Chapter 13 Bankruptcy – The Repayment Plan
Filing Chapter 13 offers ultimate relief to people facing short-term financial difficulties like sudden expense, job loss, or illness. For people who have failed paying debts while having a predictable income source, Chapter 13 allows them to get back on the right track easily. This helps you maintain the existing repayment plan while catching up on the past due repayment. Chapter 13 filers also automatically receive the automatic stay protection, which restricts the creditor from pursuing collection efforts thereby, ceasing all legal course of action.
Filing Chapter 13 – Discussing with a Bankruptcy Lawyer
Filing Chapter 13 bankruptcy can get complicated and any mistake in the legal proceeding can hinder the automatic stay protection of a bankruptcy petition. Alternatively, it might also prevent your case from being approved. The catch lies in seeking the help of a specialized bankruptcy attorney in American Fork as a legal recourse helps you decide whether filing Chapter 13 would be right for you or not. Additionally, the lawyer also helps you guide through the entire process ensuring that the filing needs are carefully met alongside proposing a plan that would help you to repay your dues while keeping up with the regular payment schedule and expenses.
Chapter 13 bankruptcy doesn't involve liquidation of assets. Rather, it is designed to help people fight financial hardships while catching up on past due repayments. Thousands of people file bankruptcy every month in the U.S.A as a means to recover from debt and get back on the right track. A Chapter 13 bankruptcy attorney helps determining whether it would be the right call for you.