Filing bankruptcy can be a life changing process, where debts are discharged and creditor harassment stops. The benefits are too numerous to note in one article, but one common question concerning Chapter 13 bankruptcy is how exactly your lawyer helps. This guide will go over first what the lawyer does, how he or she helps you, how to hire one, and then how Chapter 13 can save you financially.
What does a lawyer do In Chapter 13 bankruptcy?
You may want to know what a lawyer does before you decide on hiring one; this is understandable. A lawyer will explain your best bankruptcy option, either Chapter 7 or Chapter 13. He or she will also go over what you're eligible for: you may make too much money to file Chapter 7, or you have too much debt for Chapter 13. If you want to protect assets and properties, a bankruptcy lawyer can be the deciding factor in ensuring you keep them, no matter if you file Chapter 7 or Chapter 13.
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In order to successfully file Chapter 13, you'll first need to prove you have an income to support a repayment plan, your secured and unsecured debts are not too high, and what debts you can pay in full and what you will pay only a fraction of.
If that sounds complicated, well, that's because it is. A Chapter 13 bankruptcy lawyer is invaluable in not only helping you file, but also handling in court actions. You will be asked to appear in court for when you file, but your lawyer will handle the majority of the process for you. This is invaluable if you have little to no legal experience, especially if you've never filed bankruptcy before. Quite often you cannot do it yourself.
Creditor Harassment and Your Lawyer
If you file any form of bankruptcy, you should be free of creditor harassment. In Chapter 7, most debts will be discharged and they have no reason to contact you. In Chapter 13, you are paying back some if not all the debts. If creditor harassment continues, you can refer them to your lawyer. If your phone is ringing off the hook, this help is invaluable.
Starting Over
In a Chapter 13 filing, you won't technically be starting over like you do in a Chapter 7. However, there are similarities. In both, most debts will be gone. In both, you are protected legally from further collections against you. In Chapter 7, you are typically discharged in a matter of months, while a Chapter 13 filing takes much longer, 3-5 years. A lawyer's job is to help you get a fresh start financially, to be able to once again buy properties and assets. His or her expertise is key in successfully filing, in planning for the future, and in protecting yourself legally.
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