An Experienced Knoxville Chapter 13 Attorney May Help You Keep Your Property
| 08:25:00 |
When most people see that someone has declared bankruptcy it is assumed that all debt has been erased. That is basically true with a chapter 7 bankruptcy. However, there are other types. One is called a chapter 13. This is for people with a regular income who can afford to pay all their bills off over a five year period. They must also be able to pay their current living expenses. The Knoxville chapter 13 attorney helps retain your home and other property.
The chapter 13 is frequently referred to as a reorganizational bankruptcy. Your income must be proven sufficient to the court before you can file. You may be required to go through a credit counseling course before approval. It is at the discretion of the federal court.
An experienced attorney will advise you and help you through the entire process. Being in financial distress makes it difficult to decide what to do. The lawyer will help you make the best decision relying on past experience in this branch of the law.
Most will offer a no-obligation conference to decide if you want to hire him or her. You can find out if you are eligible to have your case accepted by the court. Choose an attorney who takes time to talk to you and answer questions. You should maintain contact through the repayment period also.
After your bills are gathered an amount will be set for the monthly payments. The payments are made to a trustee of the court. He or she pays the creditors a specific amount each month. You may be granted three to five years to complete the payments.
The court stops all garnishments and harassing phone calls from the companies you owe money to. You can stop a foreclosure on your house. You can reclaim a vehicle that was repossessed. However, these things must be done quickly. For example, if your vehicle has already been resold you will not get it back.
The house and car payments can be caught up on, thus allowing you to keep them. Other debts, such as medical bills, credit card debts and personal loans, are handled differently. You may be allowed to pay a lower interest rate on those debts.
You will benefit because all interest is stopped on the date your case is accepted in federal court. You are allowed to pay back taxes, alimony and child support over time. A few debts may be erased and others may accept partial payment.
The chapter 13 bankruptcy is not available to corporations. It is for consumers and some small businesses. It is a fair and manageable opportunity to clear up all debt in a way that is completed over time.
The chapter 13 is frequently referred to as a reorganizational bankruptcy. Your income must be proven sufficient to the court before you can file. You may be required to go through a credit counseling course before approval. It is at the discretion of the federal court.
An experienced attorney will advise you and help you through the entire process. Being in financial distress makes it difficult to decide what to do. The lawyer will help you make the best decision relying on past experience in this branch of the law.
Most will offer a no-obligation conference to decide if you want to hire him or her. You can find out if you are eligible to have your case accepted by the court. Choose an attorney who takes time to talk to you and answer questions. You should maintain contact through the repayment period also.
After your bills are gathered an amount will be set for the monthly payments. The payments are made to a trustee of the court. He or she pays the creditors a specific amount each month. You may be granted three to five years to complete the payments.
The court stops all garnishments and harassing phone calls from the companies you owe money to. You can stop a foreclosure on your house. You can reclaim a vehicle that was repossessed. However, these things must be done quickly. For example, if your vehicle has already been resold you will not get it back.
The house and car payments can be caught up on, thus allowing you to keep them. Other debts, such as medical bills, credit card debts and personal loans, are handled differently. You may be allowed to pay a lower interest rate on those debts.
You will benefit because all interest is stopped on the date your case is accepted in federal court. You are allowed to pay back taxes, alimony and child support over time. A few debts may be erased and others may accept partial payment.
The chapter 13 bankruptcy is not available to corporations. It is for consumers and some small businesses. It is a fair and manageable opportunity to clear up all debt in a way that is completed over time.
About the Author:
Cameron S. Schippers is a retired paralegal that helped individuals through the process of filing for bankruptcy for 15 years. He has a deep understanding of the Bankruptcy code. To learn more about Johnson City Bankruptcy Law he suggests you visit his friend's to learn more.
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