So, it is all about restructuring your debts under the protection and guidelines of federal court, while setting a new repayment plan and period for your convenience. Chapter 13 Bankruptcy attorney is also referred as wage earner bankruptcy because the applicant needs to be a regular earner to qualify for it.
No matter by what name it is called, the ultimate goal is to solve all the overwhelming debts and stay updated with secured loans, especially those with a collateral or mortgage like car or home. The Chapter 13 Bankruptcy Attorney put all their efforts in helping you to make wise financial decisions with ultimate confidence. So, get in touch with the Abogado de bancarrota del Capítulo 13 de Brickell today.
How To Know If You Are Qualified For Chapter 13 Bankruptcy?
- You need to be current on filing your taxations
- The unsecured debts must be within the range of $394, 725 and secure debts must be within $1, 184,200.
- You must be a regular earner with sufficient income
- There must not be any filing of Chapter 13 Bankruptcy case in past two years or Chapter 7 bankruptcy in past 4 years
If you qualify for the Chapter 13 Bankruptcy, it is the time to search for Chapter 13 Bankruptcy Attorney and start the filing process with them.
How to File for Chapter 13 Bankruptcy Case?
Before you start the process of filing bankruptcy, it is necessary that you fix appointment to meet the credit counsellor from non-profit credit counselling agency in person and then approach the Chapter 13 Lawyers.
The initial consultation would be free and with these initial meetings you can understand the situations and decide whether or not to file for Chapter 13 bankruptcy to get your finances back on track.
When filing Chapter 13 Bankruptcy, it is necessary that you work in coordination with your attorney as they are the person who will prove your eligibility for Chapter 13 bankruptcy to the bankruptcy trustee who will be looking after the proceedings. The court would approve a plan for repayment of both the secured and unsecured loans.
You will get the option to repay your loans in 3-5 years, while keeping all your assets unharmed. If you prove yourself as a good paymaster, then some of the last debts would be excused. Below are the steps for filing a Chapter 13 Bankruptcy.
- Completing the pre-filing bankruptcy counselling via non-profit credit counselling agency
- Hiring qualified and reputed Chapter 13 bankruptcy attorney in NY
- Completing the paperwork to successfully file the bankruptcy case in federal court
- Submitting the bankruptcy petition which comprises of different forms which need to be filled properly
- Submitting the details of payment plans within 14 days of submitting the petition of bankruptcy
- Meeting with the creditors within 21 to 50 days of filing the petition and the meeting will be organized by trustee
- There will be a confirmation hearing which usually takes place within 45 days after meeting the creditors
- Finally, the creditors are paid as agreed under the repayment plan
Get a free consultation for debt release
If you undergo the financial crisis and want to make yourself free from this situation, it is advised you to take a consultation or hire someone for this procedures. Don’t be perplexed to where to get the fine session related to legal acts or bankruptcy cases. You have a lot of options to get the best.
There are so many organizations, websites and legal advisors are working for you to deal with debt acts. They recommend their clients each and every important detail which is requisite for filing for bankruptcy.