Chapter 13 Bankruptcy Attorneys
Finding qualified and experienced Chapter 13 bankruptcy attorneys should not be difficult. However, there are many consumers who search for experienced attorneys every day only to end up retaining someone with little or no experience in filing a Chapter 13 bankruptcy. When it comes to entrusting your financial future, an experienced attorney is a critical choice.
What is Chapter 13?
A Chapter 13 bankruptcy is an individual or consumer bankruptcy that allows the consumer to pay back debt over a specified period of time. The time is typically no less than three and no more than five years. The goal of a Chapter 13 is to allow the individual to pay back creditors without incurring interest on the debt. Unlike a Chapter 7 filing, assets are not liquidated and sold in order to pay creditors. Consumers who file Chapter 13 bankruptcies do pay back all of their debts over time. The filing can help to stop foreclosures, wage garnishments and other collection efforts. In order to qualify for a Chapter 13 the consumer must show that they have the income necessary to pay back the creditors. This income must be continuous.
Chapter 13 Bankruptcy Process
Once a Chapter 13 has been filed the court will need to approve the payment plan formulated by the consumer. Chapter 13 bankruptcy attorneys have experience in helping consumers to formulate these plans for court approval. This means that you will need to draw up a written plan that gives details of just how you will pay back your creditors. Repayment on your plan will begin within the next month or so after your bankruptcy has begun. In most cases a bankruptcy trustee will have your wages garnished and the money for repayment will be distributed through the trustee. You must stick with this payment plan or your bankruptcy will be discharged early and you will not be relieved of your debt.
Choosing a Chapter 13 Bankruptcy Attorney
Again, choosing qualified and experienced Chapter 13 bankruptcy attorneys is crucial. There is much paperwork that will need to be filed and many questions that you will likely need answered. An experienced attorney will be able to handle the work that is required to get you through this process. It is important that you feel comfortable with the attorney that you have chosen. This person will be looking closely at personal details of your life so ensure that you choose someone that you trust. He or she should be able to help you to determine if a Chapter 13 is the best route for you. You can search for a qualified attorney in a number of ways. There should be many qualified Chapter 13 bankruptcy attorneys in your local area, particularly if you live in a larger city. If not, you can use the power of the internet to find law firms or private attorneys who may specialize in this type of representation. Ask for referrals from others that you know who may have gone through a Chapter 13 filing.