Why Hire A Chapter 13 Bankruptcy Attorney?
Are you frequently dealing with debts and expenditures, which you simply can’t maintain?
If you have a steady source of income but are still facing a problem in settling the debts, then Chapter 13 bankruptcy is apt for you. In many Chapter 13 plans, few debts are allowed to be liquidated. The rest of the debts are arranged in feasible debt-repayment schemes, so that you can repay the creditors in a convenient manner. Chapter 13 is applicable for you under the following circumstances:
* You have a regular source of income.
* Your debts are not too high.
Chapter 13 repayment plan: The refund plan is an arrangement between you and your creditors. Here, the creditors may agree to excuse a portion of your debts, or allow you to pay off the debts later. The plan necessitates you to give monthly pay-offs to the bankruptcy trustee. Whilst you are paying under a plan, it is mandatory for the creditors (mentioned in the plan) to follow the terms of the plan. Thus, they are banned from taking any collective measures against you.
Chapter 13 plan may help you if:
* You are late in repaying the loan or mortgage.
* You possess any current tax debt.
* You have availed to a Chapter 7 discharge in the preceding eight years.
Why hire a Chapter 13 Bankruptcy Attorney?
Adjust Debts: Perhaps, one of the primary reasons for hiring a Chapter 13 bankruptcy attorney is for assisting you to adjust the debts. An attorney designs out a method to repay debts over a span of time whilst helping you preserve your properties. Generally, the repayment period lasts from 3 to 5 years.
Appropriate Repayment Plan: A Chapter 13 bankruptcy attorney formulates a fitting repayment plan to ascertain that every debtor makes the payments on time (in a manner which is apt for them). The plan may either include part or whole of the debts (depending upon the monthly income and expenditures of the debtors).
Prevents Foreclosure Proceeding : If you hire a Chapter 13 bankruptcy attorney, you may prevent foreclosure proceedings. The attorney generally concludes a repayment plan that includes monthly payments in favor of mortgages. The plan eradicates delinquent payments on mortgage, and the mortgage is paid throughout the Chapter 13 bankruptcy plan.
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Looking for bankruptcy lawyer Chattanooga TN ? Our Law Office offers professional advise and help you regain control on your finance. Visit their website @ https://cainlawoffice.com/bankruptcy-services/chapter-13/ for more information.