What is Chapter 13 Bankruptcy? It is a legal process in which your debts are reorganized into one consolidated effort for repayment. Your attorney files a claim on your behalf through court that includes all debts you wish to include. This process allows you to prevent foreclosure, make overdue automobile note payments, and eliminates debts that are secured by insurance. It presents you with a three to five year window to pay a majority of the debts owed to your creditors. If you feel this is the answer to your debt problems, contact your preferred bankruptcy attorney today.
How Does Bankruptcy Work?
Initially, your attorney files a claim within the local civil court after he or she gathers information from you. A judge reviews the claim and schedules a hearing based on his or her availability and notified all creditors. During this hearing the judge establishes which debts are eligible for discharge and eliminates them. He or she further evaluates your claim to determine the most beneficial amounts for these debts based on the three to five year window in which you have to pay them off.
Local Bankruptcy Attorneys
Stover Gadow, and Tyler PLLC file a bankruptcy claim on your behalf with the local civil court. Within this claim are all debts that you wish to include. These attorneys advise you on how to eliminate debt through bankruptcy and which debts are eligible for discharge. When possible these attorneys speak with your creditors and negotiate a decreased settlement amount for the debt. These attorneys secure documentation for the lowered balance and include it in the bankruptcy claim. To hire an attorney to help you file for bankruptcy, contact this law firm immediately.
If you are weighing your options and trying to determine What is Chapter 13 Bankruptcy you should speak with an attorney. An attorney helps you understand how this process works. He or she further explains the advantages and disadvantages of filing. If you are facing foreclosure or repossession, bankruptcy could become your best option. However, to make this decision you should consult an attorney who can review your finances and establish if this claim is most beneficial.
