Chapter 13 bankruptcy can be difficult, and putting faith in an attorney you can trust is important. For most people, chapter 13 may involve reorganizing a person’s finances over a 3 to 5-year period, which means that a person should seek the advice of a reliable chapter 13 bankruptcy lawyer. If a person has a fixed income and property they want to keep, opting for chapter 13 bankruptcy may be the answer. Under a repayment plan (under judicial supervision), a person can keep their property in exchange for a payment plan.
Under chapter 13, which is all about reorganizingrt a person’s finances, people have said the process stopped serious issues like foreclosure and repossession of other valuable goods. It sounds good, but is it worth it? The repayment amount will depend on a person’s disposable income. This means that the income left after a person pays out each necessary expense monthly is used. For example, if a person earns $2,000 each month after taxes, and $1,500 of that is used to cover necessary expenses, there is a disposable income of $500 that could be used to make each monthly payment.
It sounds good, but chapter 13 bankruptcy is not the right choice for everyone. There are a number of advantages and disadvantages, and it is important to understand this before people choose this option. A reputable chapter 13 bankruptcy lawyer can review this with each client and help them make the right choice. You do not need to hire a lawyer, but is it worth the risk?
People can file for chapter 13 without having to hire a lawyer, but there is no legal requirement to have a mechanic to fix the brakes on your car either. People could change the brake pads, discs, and such, but doing so is very complicated, especially if a person has never done this before. A small mistake and it is very likely that someone gets seriously hurt. The same goes with filing bankruptcy. The paperwork is very complex and if a person missed one little thing, they can jeopardize their entire case. It costs a person nothing to sit and talk to an experienced attorney. Visit website to learn more.
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