People who are having problems paying their mortgage or dealing with other financial obstacles should set up a consultation with a Chapter 13 bankruptcy attorney. A bankruptcy lawyer can give you advice regarding the best way to resolve your financial problems. Even if you decide that bankruptcy may not be the best option, the attorney can provide other alternatives to help you.
People who normally file Chapter 13 bankruptcy have trouble paying their debts but still want to keep their property. Other candidates for Chapter 13 are people with an income that is too high to qualify for a Chapter 7 bankruptcy. In both instances, the people who file for Chapter 13 will have to pay back at least a portion of their debts through a court sanctioned payment plan. The payment plan may last a minimum of three years and a maximum of five years.
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When filing for Chapter 13 bankruptcy, the person keeps making regularly scheduled payments for property that is financed and that he wants to keep. Typical payments an average person makes include a monthly mortgage payment and a monthly or biweekly car payment. If the person has fallen behind on the mortgage or car payments by a few months, then those delinquent payments become part of the bankruptcy payment plan. By the end of the payment plan, the person should be current with any delinquent payments for the properties.
The person filing for bankruptcy is called a debtor. The companies or individuals that he owes money to are called creditors. A trustee is an administrator who is assigned to the bankruptcy case. The trustee makes sure all of the parties are abiding by the rules and are submitting the proper paperwork. The monthly payment for the bankruptcy plan should be submitted to the trustee. The trustee ensures that the money is properly distributed to the creditors.
The trustee reviews the payment plan created by the bankruptcy lawyer. The trustee wants to make sure that the debtor will be able to cover all of his bills while still having enough money to cover basic living expenses. Since the debtor is supposed to continue paying fixed monthly expenses and gradually pay off the delinquent debts, the trustee wants to confirm the debtor has a steady source of income.
During the consultation, the bankruptcy lawyer will review the client's debts and income. The attorney will let the client know if filing for Chapter 13 bankruptcy is the best option for him. The bankruptcy lawyer can explain the entire bankruptcy process so that the client is prepared and well informed prior to entering the bankruptcy court. If the attorney decides that bankruptcy is not the most viable option, then he can discuss alternative ways the client can satisfy his debt obligations.
A person dealing with dire financial circumstances should consult with a Chapter 13 bankruptcy lawyer to discuss all of the legal options available to him. Bankruptcy law was created to help people get a fresh financial start. An experienced bankruptcy attorney can help a person achieve that goal.
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