Usually, people think of bankruptcy petition as the last option when repaying debts seems impossible. If you are overwhelmed with debts and repayments of loans, filing a chapter 13 bankruptcy can help you get you out of the situation. One of the most lucrative parts of chapter 13 is the chance to keep your home as long as you can pay the mortgage amount under a certain settlement plan.
Under chapter 13, people get 3-5 years of time span to resolve their debts. This option allows all the applications to eliminate unsecured debts while comparing it to missed mortgage payments. Keeping your house can be relaxing while you get an extra span of time to repay your debts within a monitored space.
Chapter 13 is like chapter 7 which applies to businesses and is related to repaying debts. Both the cases, the claimer submits a plan of safeguarding the assets against repossession or forgiveness of the debts that are not cleared.
However, a bankruptcy petition cannot eliminate all types of debts. For example, debts involved with child support, alimony, and student loans cannot be eliminated with bankruptcy. Therefore, it’s important to talk with your lawyer before filing a bankruptcy petition. He or she will guide you to the right path.
This is where you will need to hire a bankruptcy law attorney who can help you with legal assistance.
Documents that your attorney is going to need are-
- The list of creditors and the total amount of claim
- Reveal the debtor’s income
- The list of debtor’s property, contracts, and leases that are in the debtor’s name.
- Breakdown of monthly expenses
- Tax information, including the latest tax return and unpaid taxes.
Your lawyer is going to need all of these pieces of information to get started with the procedure.
Filing a Chapter 13 bankruptcy petition is the best idea for people who are burdened by huge debts. Some of the most significant benefits that Chapter 13 bankruptcy offers are-
- Chapter 13 helps you to avoid foreclosure
- Chapter 13 protects your home from being taken away by the creditor
- Chapter 13 helps you to avoid car repossession
- Chapter 13 allows you to solve tax issues
Have you been thinking of filing bankruptcy 13? Let the legal team of Jerome C Payne Law Firm help you. Tennessee’s best bankruptcy law attorney will help you with the process. To know more and to get a free first consultation, contact Jerome C Payne at (901)794-0884, today. It’s never too late to consult the best for your legal needs.