Chapter 13 bankruptcy is often considered a better option than Chapter 7 bankruptcy by attorneys and business professionals. Bankruptcy, while given an overtly dark connotation in the media, does not have to be a frightening word. Bankruptcy is merely the term for a legal procedure involving the debt of a person or business entity filed under the federal bankruptcy law. The process can be made easier for individuals who seek Chapter 13 Bankruptcy Lawyers to aid them on their legal journey. Some attorneys encourage clients to view their bankruptcy case as a method of seeking financial and debt-related relief through the legal system.
This type of a bankruptcy case is most commonly used by individuals who might be facing a home foreclosure. By filing a Chapter 13 case with a viable attorney as soon as possible, the foreclosure will be immediately stopped through the court system. These cases are incredibly common through the United States, so while filing for bankruptcy might feel like a humbling or lonesome experience, there are actually thousands of these cases each month across the nation. The Chapter 13 case can also help people face other types of short-term relief in addition to home foreclosure. Other relief methods may involve people who have recently lost their jobs, incurred an unexpected expense of considerable proportions, or become severely ill.
Chapter 13 Bankruptcy Lawyers offer their clients a variety of advantages in addition to stopping home foreclosure. Notably, this type of case can allow clients to reschedule their debts and extend them. Clients have the ability to structure a repayment plan according to their own financial needs and the constraints of their current predicament. A good attorney will attempt to make this plan as easy for their clients as possible by extending payment periods to make them lower and thus more feasible.
Another way that Chapter 13 cases protect the filing party is through protecting their consumer debts. Consumer debts are debts incurred through personal, rather than business, means. The provision for consumer debts can help to not only protect the attorney’s client, but it can help protect any co-signers who have signed on the behalf of the bankrupt individual. To know more Click Here.
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