What is a Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a legal means of obtaining debt relief while restructuring debt into manageable payments. This allows individuals in Mesa AZ to their keep property rather than liquidating their current assets.
The greatest advantage of chapter 13 bankruptcy over chapter 7 is that generally you will be allowed to keep your home, vehicle and other personal possessions. Chapter 13 bankruptcy can allow you the opportunity to halt foreclosure proceedings on your home. Once chapter 13 bankruptcy is filed, foreclosure proceedings are stayed, however you should continue to pay your mortgage payments on time during the chapter 13 proceedings.
Additionally, once chapter 13 bankruptcy has been filed creditors will no longer be allowed to contact you directly, or to begin or continue other debt collection attempts. Another benefit of chapter 13 is that it may protect cosigners from being considered liable for your debt.
Chapter 13 bankruptcy is intended for individuals who have reasonable prospects of future income that will allow them to pay their debts after they have been renegotiated. It is similar to a loan consolidation in that you can reorganize and prolong debt repayment, possibly lowering the payments. Since there is very little debt forgiveness involved in chapter 13 bankruptcy, creditors are generally agreeable with the change in terms.
The bankruptcy laws involved in chapter 13 are complicated, and many have undergone key changes of late. Furthermore, although bankruptcy is under the jurisdiction of the federal courts, the bankruptcy laws of each state also play a substantial role in chapter 13 bankruptcy proceedings, thus making it extremely important to consult a well informed bankruptcy attorney in Mesa AZ.
An experienced bankruptcy attorney will guide you in choosing the most successful approach to your financial issues. Going through bankruptcy can be extremely stressful, and the guidance of an expert bankruptcy attorney can be invaluable.
When it’s time to choose a Mesa AZ bankruptcy lawyer, knowledge and experience are of critical importance. A mistake as simple as failure to fill out paperwork correctly can result in lost assets or possibly even criminal charges.
At My AZ Lawyers you will find attorneys who are highly experienced in their field of expertise. Additionally, all of our attorneys have received continuing education in their fields, which include bankruptcy, DUI, divorce and family law, and criminal law. This gives them an advantage over attorneys who are inexperienced or have only received a basic legal education. Choosing a bankruptcy attorney from my AZ Lawyers can make the entire process quicker, easier and more likely to achieve the best possible outcome.
In order to make our services available to as many clients as possible we provide evening and weekend appointments, low fees and payment plans.
* This blog is written by a third party and nothing in this blog should be taken to constitute professional advice or a formal recommendation and we exclude all representations, warranties, legal liability or responsibility relating to its content. The information in this blog is for general information purposes only.
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