Dealing with debt is something that can impact a person’s life in many ways. Debt can sometimes encompass a person’s every thought, leading to extreme levels of stress. When a person has done all they possibly can to get out of debt and their methods are not successful, it can be helpful for them to hire a chapter 13 bankruptcy attorney. It is especially important they seek an attorney if they are in danger of losing their home to foreclosure.
Chapter 13 is a bankruptcy for individuals and couples. It allows debtors to work with their attorney to create a reasonable repayment plan to get out of their debt within a specific period of time. The period of time is usually three to five years, but this will fully depend on the income of the debtor and the amount of debt.
Chapter 13 can help a person overcome their debt by giving them time to pay it off in arrears. Individuals who are in debt and facing collections will find peace of mind when all collectors must cease and desist. As long as the foreclosure process has not begun, this can stop the mortgage company from taking the property.
The chapter 13 bankruptcy attorney takes over the entire process and works to make sure the restructured payment plan is approved by the court. If the court does not approve the plan, the lawyer will work to rework it until it is approved.
Many people can be approved for chapter 13, but there is a limit to the amount of debt that can be filed. Some debts may be absolved at the end of the bankruptcy period, while others will need to be paid off by the debtor.
If you are facing more debt than your income will allow you to repay, it is very important that you seek help from a chapter 13 bankruptcy attorney. For further information on your rights for filing for chapter 13 bankruptcy, visit website. They will be happy to meet with you to go over your financial concerns and help you find the best legal option.
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