Article provided by: vanderbroeklaw.com
There are a lot of people that think heading to bankruptcy court is essentially the path to financial ruin. Lots will feel as though this is the only option that they have left when it seems like trying to repay debt becomes impossible. However, there is hope for a lot of consumers when they look into Chapter 13 bankruptcy. If you are unsure of navigating this process alone, you can get the soft landing that you are looking for with a good Chapter 13 lawyer in Grand Haven by your side.
A Chapter 13 bankruptcy filing is often referred to as the Wage Earner’s Bankruptcy filing. This is an option that will allow you the ability to repay a portion or all of the debt as an alternative to having to liquidate your assets. This is essentially bankruptcy for someone who has the biggest problem of trying to handle the immediate payment demands that creditors will have. One of the more attractive features that a Chapter 13 filing has is that you could keep your home just as long as you are paying the mortgage while under a settlement plan.
Chapter 13 filing allows someone three to five years so that they can work on resolving their debts. This is done while applying any disposable income as a way to help reduce debt. This is an option that allows you to eliminate any unsecured debts while catching up on mortgage payments that you may have missed.
How It Works
A Chapter 13 bankruptcy filing is quite similar to Chapter 11, which is one that applies to businesses. In each case, the petitioner will have to submit what is known as a reorganization plan. This plan helps to protect assets from foreclosure or repossession while asking to forgive other debts. They are both very different than a Chapter 7 filing, which will liquidate assets with the exception of what is protected specifically.
Keep in mind that there are no bankruptcy filings that will take away all debts. You will also not find discharges available for student loans, unpaid taxes, or alimony and child support payments. However, bankruptcy can help you to clear other debts, but it will sometimes make it difficult for you to borrow again for a while into the future.
In order to be eligible for a Chapter 13 filing, you cannot have unsecured debt over a certain dollar amount, which will include things like personal loans and credit card bills. There is also a specified dollar amount for secured debts like your car loans and mortgages. However, working with the right Chapter 13 lawyer in Grand Haven will point you in the right direction and help you ensure you are on the right path to hopefully a good outcome with your filing.
Do you have more questions on filing a Chapter 13 bankruptcy? If so, then working with a reputable and experienced Chapter 13 lawyer in Grand Haven is the best way to go. The team at VanderBroek Law PLLC would be happy to go over all of the details of filing with you. Call today at (616) 607-7522 to set up a time for a consultation or to learn more!Chapter 13 Lawyer Grand Haven