Chapter 13

In a Chapter 13 bankruptcy, an individual must reorganize their property and submit a plan to pay off their debts in 3-5 years. To qualify for a Chapter 13 bankruptcy, an individual must generally have sufficient disposable income to fund a repayment plan. However, a Chapter 13 bankruptcy only remains on a person’s credit report for a maximum of 7 years.

Is Bankruptcy a Good Option for You?

Bankruptcy can be beneficial for some individuals, with assets such as a home, vehicle, or property to protect from creditors. For others, the filing effort and credit impact outweigh the benefits. If you have significant amounts of debt from sources such as medical bills, credit cards, mortgages, or personal loans, you may speak with a licensed bankruptcy lawyer who can review your situation and determine if bankruptcy is a good fit.

The Benefits of a Bankruptcy Lawyer

Hiring a qualified bankruptcy lawyer may be critical for filing for bankruptcy correctly. For example, a bankruptcy lawyer could review an individual’s finances and assets, and could then recommend whether a Chapter 7 or Chapter 13 filing would be more beneficial.

A lawyer could also be invaluable in helping clients with other parts of the bankruptcy process, such as:

• Helping clients decide which property they should exempt
• Helping ensure the proper forms and paperwork are filed with the bankruptcy court
• Assisting clients draft a payment plan in Chapter 13 bankruptcies

Above all, a qualified bankruptcy lawyer could help ensure that those filing for bankruptcy are informed about the different steps of the process and that the entire bankruptcy proceeds smoothly.

Get Legal Help for Your Bankruptcy Case Today

If you are wondering whether you should file for bankruptcy, be sure to obtain the legal representation you need to make informed decisions about your financial future. Even if you have large amounts of debt, a bankruptcy filing may help you get back on your feet.

For further information about the bankruptcy process and how it could benefit you, start your search for a local bankruptcy lawyer today.