What is the Different Between Chapter 13 and Chapter 7 Bankruptcy?
To file the chapter 7 bankruptcy, petitioner needs to meet certain criteria and this is the type of bankruptcy which is designed for people that are unemployed and have no regular income. Unlike Chapter 7, the Chapter 13 bankruptcy is more for the people with regular monthly income, but struggling a lot to pay off their debts and meet the financial liabilities. To file both these types of bankruptcies it is necessary that you have the experienced Bankruptcy Lawyers beside you who have better understanding about the judicial system of your state and can offer you best assistance.
Elimination of Debts Via Bankruptcy
Most of the people usually consider bankruptcy as a negative thing when they hear the term. But people who have been through it or filed bankruptcy in past would say that it is the lifesaver for them. The concept of bankruptcy focuses on supporting the person who have filed the bankruptcy and enable them to get back on track and normal life with discharges of all their debts.
In most of the cases, banks and financial institutions would take limited amount from your pay-check so that you keep paying the debts off right away without hampering your other financial liabilities. This is the most effective way to pay off the debts while handling your other expenses. You would require assistance of a Bankruptcy Lawyer who is skilled and trained in this area of judicial system and hence they can guide the petitioner through the entire process and ensure to keep their assets safe and secure.
Keeping Your Assets and Home Secure in Chapter 13 Bankruptcy
The Chapter 13 bankruptcy is mainly filed when the person is worried and anxious about repossession of their assets or home. So, the Bankruptcy attorney working for you and filing the Chapter 13 bankruptcy would ensure that both your car and home along with other assets will be safe and they won’t get repossessed by the bank or lending agency. You will also be allowed to live in your house with dignity, but the home will be owed by the lending agency or bank until all the debts are paid off.
The Bankruptcy Attorney will represent their clients in the courtroom and also give them the insights that they need as to what next is to done. The attorney will also ensure that some of your mortgage loans would get eliminated permanently and they will make sure that the petitioner gets the best deals possible from the creditors.
Why Your Need Bankruptcy Lawyers?
The Bankruptcy Lawyers is required because they work for your best interest and help you with filing the bankruptcy case in the court successfully. Not only filing the case, but they will also represent you in the court, negotiating with the court and creditors for debt repayment. They will attend the creditor meeting on your behalf and present an affordable repayment plan which they will ensure to get approved by the court. They will be available right from the beginning of the case till discharge of your debts and provide you all possible assistance for finance management.
