Having A Good Legal Representative May Help Your Chapter 13 Bankruptcy Filing
Wednesday, February 20th, 2008 Subscribe To Our Feed
People may find themselves in debt that is impossible to pay off, and there are many factors that make them decide to bankruptcy filing. Some of the top reasons people look for defense from the bankruptcy court include:
Their debt load is particularly serious and they are seeking a legal way out of their debt overload. Whether through a Chapter 7 bankruptcy with which the slate is effectively wiped clean and they can start over again or through the reorganization of a Chapter 13 filing that allows them time to pay off their debts.
Protecting their home from foreclosure. At any time prior the foreclosed home being sold, filing for Chapter 13 Bankruptcy will stop the proceedings. The homeowner will still be liable for the amount of the mortgage, but the past due payments can be included in a repayment plan approved by the bankruptcy court.
Saving the car and other property used as collateral for a loan from being repossessed. While the payments will not be eliminated, if you are able to uphold ownership of the vehicle, the payments will be made to the bankruptcy court trustee who will pay the finance company.
One of the most common reasons for Chapter 13 bankruptcy is high medical bills . Since most medical expenses are considered unsecured, filing for Chapter 13 Bankruptcy typically wipes them off the record.
When one or both workers in the home lose their job, they will usually have fiscal responsibilities they can no longer meet. Their lifestyle was guided by their income and with a sudden loss of employment ; there is no way to maintain that lifestyle without eliminating the debt .
It is true that the law allows individuals to file for Chapter 13 Bankruptcy on their own. As with most legal proceedings,pro se , is an acceptable means of a person representing themselves in court. It has often been said that a person who serves as his or her own Attorney in court has a fool for a client. While filing bankruptcy petitions on their own, can save money, if done incorrectly, it can result in the petition being dismissed or denied.
Court procedures are inflexible and the paperwork needed can prove to be overwhelming. The term File Bankruptcy can mislead the unfortunate to think that it is a simple matter of filling out a few forms and handing them to a clerk in the court. As a general idea, this is essentially true, but the reality is that the right forms have to be correctly filled out and in the right order to be accepted by the court.
Choosing the right bankruptcy attorney in Chapter 13 Bankruptcy is as important as determining to hire an Attorney. When the time comes that a lawyer is needed talking to legal aid services or to friends who may know Attorney for a recommendation can help locate the one who can work on the bankruptcy professionally. Some may have a large caseload and not be able to provide the type of anticipated service.
It will pay dividends in the long run to do some research into an Attorney before trusting your financial fate into a person who doesn’t have the mental capacity to handle your case.
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