Chapter 13 is the part of the bankruptcy code that allows some people to restructure their debts. This contrasts with the Chapter 7 process where the debtor must liquidate their assets to pay as much to their creditors as possible.
Especially if you're trying to hold onto a major asset like a mortgaged house, Chapter 13 is very appealing. However, a Chapter 13 bankruptcy lawyer may need to help you ward off a few other common problems.
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The decision to declare bankruptcy is usually difficult, even for people facing overwhelming debts. In most cases, the biggest concern among applicants is how filing for bankruptcy might affect their credit score. So, if this is the reason why you're hesitating to declare bankruptcy, contact an attorney to know the consequences you might face when you file for bankruptcy. This way, you will know whether to declare bankruptcy or consider other options for your financial woes.
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Inability to pay bills or keep a business afloat is one of the scariest places to be. It usually comes with chaos, which includes creditors knocking at your door, lawsuits, and other disruptive complications. However, it is possible to end the stressful experiences by filing for bankruptcy. When you file, you buy yourself time to put your finances in order and get back on your feet. Here are some of the commonly asked questions about filing.
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When you file for bankruptcy, you likely believe that will be the only time you will need to do it. Unfortunately, life is unpredictable and you may encounter the need to file again. This could be due to medical reasons or business issues that lead to loss of income. Regardless of the situation, you will need to know the different key points regarding multiple bankruptcy filings. Here are a few that deal with eligibility and other key aspects of the process.
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If you plan on filing for bankruptcy, it is a very good idea for you to begin working with a bankruptcy attorney right from the start. You can learn more about some of the things a bankruptcy attorney will be able to help you with and why you should have one working with you early on by reading more on the subject in this article.
A bankruptcy attorney will answer all of your questions
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