Declaring bankruptcy does not always erase all debt. The chapter 7 may do so. But, the chapter 13 does not. It allows someone to pay off past debt over time. They must, however, earn enough income to finance their current living expenses as well as pay off the past debt. A qualified Knoxville chapter 13 attorney will help to retain your home and vehicle.
It is sometimes referred to as a reorganizational bankruptcy. The amount of income you have when you file must meet court approval. A credit counseling course may be required before filing. You are approved at the courts discretion.
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.
Use a no-obligation meeting to decide if you want to work with the attorney. You will find out if you are likely to be eligible and have your petition accepted. You want an attorney who will take the time to talk to you now, and return your phone calls during the repayment period.
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.
You will be able to stop your home from being foreclosed on. A repossessed car can be reclaimed. The garnishments and harassing phone calls from creditors will be stopped. You must do the filing quickly. If you do not and your vehicle has been resold, you will not be able to reclaim it.
You can catch up on car and house payments when allowed to keep them. The other outstanding bills, credit card debt and medical bills for example, are handled in a different way. You may pay a lowered interest rate on them.
Favorable to you, the interest on all bills stops as of the date your bankruptcy case is accepted. You may pay back taxes over time, child support owed over time and alimony over time. Some debts can be discharged and others can be made to require 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.
It is sometimes referred to as a reorganizational bankruptcy. The amount of income you have when you file must meet court approval. A credit counseling course may be required before filing. You are approved at the courts discretion.
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.
Use a no-obligation meeting to decide if you want to work with the attorney. You will find out if you are likely to be eligible and have your petition accepted. You want an attorney who will take the time to talk to you now, and return your phone calls during the repayment period.
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.
You will be able to stop your home from being foreclosed on. A repossessed car can be reclaimed. The garnishments and harassing phone calls from creditors will be stopped. You must do the filing quickly. If you do not and your vehicle has been resold, you will not be able to reclaim it.
You can catch up on car and house payments when allowed to keep them. The other outstanding bills, credit card debt and medical bills for example, are handled in a different way. You may pay a lowered interest rate on them.
Favorable to you, the interest on all bills stops as of the date your bankruptcy case is accepted. You may pay back taxes over time, child support owed over time and alimony over time. Some debts can be discharged and others can be made to require 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 Chapter 11 Attorney he suggests you click here to learn more.
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