Chapter 13 bankruptcy helps you do many things, including rebuilding credit, stopping foreclosure, saving other valuable possessions, and buying you an extended period of time to pay back outstanding bills. While Chapter 7 bankruptcy is all about cutting your losses and starting from scratch, Chapter 13 bankruptcy is different. It doesn’t take the debt away, but gives you considerable more time to rebuild your finances.
It’s wise to work with specialist Chapter 13 bankruptcy attorneys no matter where you live, from California to New York. Chapter 13 bankruptcy in New York and California works under the same laws, but not all bankruptcy attorneys are equal. Chapter 13 bankruptcy attorneys are really a must as filing is far from simple. But there are many attorneys, so how can you choose, how can they help, and what will it cost?
Let’s go over 5 clear ways professional bankruptcy attorneys can help you with Chapter 13 bankruptcy to answer those questions.
What happens if your home goes into foreclosure? Chapter 13 bankruptcy is the perfect solution for buying you more time to get help. It’s wise to get counsel with professional bankruptcy attorneys as to whether you should file Chapter 7 or Chapter 13 bankruptcy. The advantage with Chapter 13 is you are better able to hold onto your home, because after filing you are legally protected from foreclosure for outstanding mortgage payments.
2-Save Your Car
The second most important item most individuals and families have is their car. Just like saving you from foreclosure, Chapter 13 bankruptcy saves your vehicle from the “repo” man. Your past due payments will be consolidated and you’ll get 3-5 years to pay them off.
3-Student Loan Problems
If you have outstanding student loans, times can be tight. Chapter 7 bankruptcy isn’t always wise here, as you can’t eliminate most student loan debts. However, just as you can stop foreclosure and avoid losing your car, you can consolidate your student loans and buy yourself some extra time to pay them off.
4-Paperwork in Filing for Chapter 13 Bankruptcy
Hiring bankruptcy attorneys is always a must no matter if you’ve decided on Chapter 7 or Chapter 13 bankruptcy, even if you think you know the process. Bankruptcy is a complex task and is far from simple. A bankruptcy attorney can help you save your home, car, and relieve problems with other outstanding bills like student loans.
5-Handing the Case in Court
Lastly, the Chapter 13 bankruptcy hearing may be short, but there is a lot that goes on. Instead of risking mistakes, having professional counsel on hand to offer expertise is essential. If you need bankruptcy attorneys in New York, California, or any state, hire counsel you can trust.