The present housing market, soaring medical costs and rising gas prices have sent many individuals and families into financial crisis. If you are unable to pay your mortgage, and creditors don’t stop calling, it is time you need to essentially seek advice from a chapter 13 bankruptcy lawyer in Atlanta.
Chapter 13 Bankruptcy, What Is It All About?
Chapter 13 Bankruptcy law enables individuals to repay some or all of their debts under a bankruptcy repayment schedule of 3-5 years. While Chapter 7 Bankruptcy involves liquidation of all unsecured debt, Chapter 13 Bankruptcy does not automatically discharge debts, but allow individuals to keep some of their belongings.
Filing for Chapter 13 Bankruptcy helps to stop home foreclosure repossessions, proceedings and end wage garnishments or creditor calls. In order to file Chapter 13 Bankruptcy, an individual should essentially have a constant source of income to meet bankruptcy repayment schedule requirements.
Working of Chapter 13 Bankruptcy:
With Chapter 13 Bankruptcy, individuals are required to create a bankruptcy repayment schedule and will require making the payment to the trustee. All the outstanding debts will be prioritized and paid according to the bankruptcy law. After opting for Chapter 13 Bankruptcy, debts will not be discharged instantly, but by the end of the bankruptcy schedule.
Why do you need Chapter 13 Bankruptcy Lawyer Atlanta?
Filing for personal bankruptcy has become more difficult with the new bankruptcy laws. By filing Chapter 13 Bankruptcy, many individuals who may be eligible for Chapter 7 Bankruptcy will now be forced to repay some or all of their debts.
Present bankruptcy is governed by centralized rules and regulations. Although you can file for bankruptcy on your own, it is always recommended to opt for Chapter 13 Bankruptcy Lawyer.