Are you thinking about filing for bankruptcy in stafford va? In this article we will share tips on the process. Visit this site for additional resources https://fishersandlerlaw.com/bankruptcy-attorney-stafford-va/.
Chapter 13 bankruptcy is meant for people who have large, secured loans. These are loans that have some kind of collateral, like mortgages, which use the house as collateral. Chapter 13 bankruptcy is appropriate for these loans because it can protect the person’s assets from being taken away.
Chapter 13 is also suitable for people who have a meaningful income: people who do not make enough money must file for chapter 7 instead of chapter 13. There are also limits on how much debt a person can have when they file for bankruptcy: $383,175 in unsecured debt or $1,149,525 in secured debt. Additionally, when it comes to working out the payment plan itself, the plan must not take longer than 5 years to complete. Generally, it will be between three and five years.
The objective of chapter 13 bankruptcy is for the debtor to come out on the other side with their assets intact and with a plan in place to pay down their debt. This is particularly useful when some of the debt is a mortgage, because that allows the person going through bankruptcy to keep their house. In addition, although this negatively affects the credit of the person going through bankruptcy, the bankruptcy will come off that person’s credit report seven years after they declare. They will need to spend much of that time paying back their debt anyway, so they should not need much in the way of credit access.
While Chapter 13 bankruptcy is unpleasant, it is a necessary evil. It lets people make it through excessive debt without having to lose their homes. Chapter 13 bankruptcy is a complex legal process, so it is not recommended that anyone go through it without the help of an attorney.
When you are ready to file, be sure to do research and choose professional law firms in Virginia specializing in bankruptcy like such as https://fishersandlerlaw.com/ . Your ideal company should have combined decades of experience because that usually proves they have the knowledge that can help you get through your own Chapter 13 bankruptcy in the best possible shape.
A good company will devote all of their resources to protecting your interests in court. The company should know both the law and the way it is typically enforced, so they understand how to help you work with the court. They shoud also understand how difficult and trying an experience bankruptcy can be, and you shouldn’t need to have to negotiate the complexities of the law on your own while you also defend your assets in front of a judge.
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