Chapter 13 May Help You Find the Relief You Need

Are you considering filing for a Chapter 13 bankruptcy? Think it might be the best choice for you? This option is for you are either ineligible for Chapter 7 bankruptcy or if it is your desire to at least pay something to all of your creditors. A Chapter 13 bankruptcy can be especially helpful if you are trying to stop foreclosure on your home and keep your car from being repossessed. In addition, it can stop all of the late fees and penalties that accompany falling behind on your bills. This can be crucial as you attempt to put your finances back in order and acquire some breathing room. An experienced bankruptcy attorney can help you determine if this is the best option for you and then help you to start the process.

If in fact you do not meet the "threshold" for filing a Chapter 7 bankruptcy (you have too much income versus the number of people living in your home or you have filed for Chapter 7 within the last eight years) and still wish to file, you must file under Chapter 13. Chapter 13 bankruptcy involves devising a payment plan based on your monthly disposable income. This is the amount you have left after paying your monthly living expenses. The court will determine what your reasonable living expenses are as part of the Chapter 13 process.

Your attorney will review your finances and submit a proposed payment plan to a court-appointed Chapter 13 trustee. If the trustee approves it, you make payments to the trustee who then makes monthly payments to your creditors. The plan can last three to five years and will end at that time no matter whether you have completely paid off your creditors or not. It is likely they will not get all they are owed-you only repay what you can afford.

A Chapter 13 plan can be amended at any time based on changes in your income or monthly budget. In addition, once you file for a Chapter 13 bankruptcy, an automatic stay goes into effect, ending all harassing phone calls or lawsuits for the period of the reorganization.

Choosing a Bankruptcy Lawyer - Best Tips

Filing for bankruptcy is no mean task. The laws related to it can get difficult to understand and more often than not you will get lost in it all. At these times, a good idea would be to have a bankruptcy lawyer guide you through the entire process. Once you decide that you will need the services of a bankruptcy attorney, the next task is to zero in on one that can really help you.

The simplest way to find a bankruptcy lawyer is to ask for recommendations from your friends and family first. If a lawyer comes with some good credentials based on recommendation, then surely the same person can work for you as well. Should you draw a blank with word-of-mouth recommendation that look up attorney with the help of the yellow pages. This is a veritable treasure house of prospective contacts. Look for listings under Bankruptcy Attorneys. Whether you use these contacts or not, it would be a good idea to go through them to know of the lawyers who operate close to you. This will help from the point of convenience.

Another great way of getting a reliable bankruptcy lawyer is to ask for recommendations from those close to the field. Lawyers pursuing some other specializations too can be a lot of help and will point you out in the right direction. There are several firms that deal with the handling of personal bankruptcy cases. It would also be a good idea to visit one such reputed place and have them assess your case. You may actually find an attorney here that you will appreciate and probably hire.

A bankruptcy attorney begins his role on your case by first assessing your financial situation. Based on this he will be able to advice you on whether filing for bankruptcy is a good idea or not. He will try and apply all the alternatives to your case to see if any work. If none of them do, he will be in a position to let you know whether you can apply for bankruptcy under Chapter 7 or Chapter 13. No matter which one you are eligible for, he will guide you through the entire process.

Bankruptcy lawyers are essential to help you through the process of bankruptcy. It is not an easy one and you will need all the professional help you can get.

The Importance of a Good Bankruptcy Lawyer

Going for the option of filing a bankruptcy can be a hard process and in such cases a good bankruptcy attorney can be your best ally. It is very crucial to stumble on a good defense so that you don't end up losing a win-win battle. When faced with a situation like Bankruptcy, the first and foremost task is finding the best representation possible.

There are many reasons that support having a good bankruptcy lawyer that you can personally afford. By not having a good representation you may end up owing some non-secured debt or even worse - your bankruptcy getting denied. These powerful consequences will not only affect your present but also your financial future, at least close to a decade. The right representation may lead to a big difference between one that is filled with struggles and the other which is a worry-free future.

While the bankruptcy proceedings are going on, the creditors may show up asking the judge to exempt particularly their debt from the list of your bankruptcy. Many other reasons also prompt the judge to decide if he should reject your bankruptcy suit. The judge may also ascertain including certain debt from the list. Unless you have created some major fraud, most of the claims can be easily debated by a good bankruptcy lawyer who already has experience in this field.

The last thing that you would want on earth would be you getting accused of being a fraud just because of the reason that you had unforeseen some medical expenses or lost a job. A good bankruptcy lawyer always knows how to defend their bankruptcy claim that has been made by you against various acquisitions and get rid of as much as debt as possible.

Bank laws may vary from one state to another, thus, it is important to look forward to a bankruptcy attorney locally so that the bankruptcy lawyer you choose is very familiar with the laws of bankruptcy in your state. The bankruptcy lawyer you choose can be tested by taking a counseling session first. You should clear on all your doubts and questions while speaking to the bankruptcy lawyer and then entrust the job to him.