Get help finding the Right Bankruptcy Reorganization Lawyer
Chapter 13 bankruptcy is also known as a bankruptcy reorganization plan because it allows debtors that make a steady income to reorganize their debts and payoff all or some of them through a pre-determined monthly payment plan. A bankruptcy reorganization plan is the best option for those that have at least some disposable income after all living expenses are met. A debtor that files for a Chapter 13 bankruptcy reorganization will have their debts consolidated into one lump sum and will then make monthly payments for three to five years into one account according to their proposed plan that must be pre-approved by the federal court. An appointed Trustee will manage the account will distribute the funds from the debtor's payments to the creditors. A bankruptcy reorganization helps to prevent the debtor from losing their assets and ruining their credit, while also allowing the creditors to recoup as much money as possible.
Bankruptcy reorganization plans help debtors reorganize their finances and debts so that they can have a fresh start. Unlike a Chapter 7 bankruptcy however, the creditors have the opportunity to recoup at least some of the money owed to them, as opposed to none. This means that the debtor can usually keep their homes and cars, as long as they continue to make the agreed-upon payments for the agreed-upon term. At the end of the term, if money is still owed to the creditors, it is automatically discharged and wiped clean.
Filing for a Chapter 13 bankruptcy reorganization is more complex and tedious than are other types of bankruptcies. If you choose to file without the help of a lawyer and your petitions are not filled out correctly and/or your proposed repayment plan is not appropriate, your application may be rejected and the creditors may take severe action against your assets and properties. A bankruptcy attorney can help clearly explain the rules and processes of filing for bankruptcy organization and will make sure you are taking the right steps. An attorney will help you prepare a plan to propose to the court and will represent you throughout the entire process. Bankruptcy reorganization plans are the best way to protect your assets and not damage your credit. Seek an experienced bankruptcy attorney for help through this grueling process.
If you are worried about your financial status and feel that bankruptcy reorganization may be a solution, Attorney Search Network can refer you to the right Chapter 13 bankruptcy lawyer.
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