What You Should Know About Chapter 13 Bankruptcy in Hamilton OH
Chapter 13 is a part of the US bankruptcy code governed by the federal law, not the state law. Under this form of bankruptcy, the debtor is allowed to pay back some or all the debts that they owe to the creditors. The repayment is however governed by the guidelines set forth in the structured repayment plan filed with the bankruptcy court. Chapter 13 bankruptcy does not include the liquidation of assets as it is in the case of chapter 7 bankruptcy. Generally, the court allows the debtor to retain all their assets throughout the bankruptcy process and after discharge.
Filing for Chapter 13 Bankruptcy in Hamilton OH is typically the best option for debt reduction and debt elimination. This is because it allows you to reduce the principle of their debts and lower interest rates. This form of bankruptcy also allows you to catch up on their overdue debts. Since chapter 13 requires the debtor to partially or fully pay back their creditors, you must have a steady source of income to contribute to the structured repayment plan.
With the lengthy and complicated legal procedures involved when filing for Chapter 13 Bankruptcy in Hamilton OH, it is imperative that you hire the services of a competent bankruptcy attorney. A bankruptcy lawyer has adequate knowledge of the bankruptcy law. The lawyer will guide you through the entire process of fighting for your bankruptcy case.
A qualified chapter 13 lawyer will help you file your case. The lawyer will complete all the paperwork and documentation involved in the filing process and make sure that are the necessary documents are forwarded to the right authorities. Apart from helping you file the case, they will help you formulate a structured repayment plan that effectively matches with your monthly income. This will help to ensure that you do not feel financially stressed as you repay your debts.
There are many other reasons why you should hire a competent bankruptcy attorney when filing for chapter 13 bankruptcy. For more information about chapter 13 bankruptcy and how you can hire a qualified lawyer, click here.