You may be considering a Chapter 13 or Chapter 7 bankruptcy if you have fallen behind on payments to creditors such as your mortgage holder, vehicle loans, and so on. When deciding which chapter of bankruptcy to file, there are a number of factors to consider. You should think about your income and earning potential, as well as whether you want to sell or keep your home. Loveland Chapter 13 Bankruptcy Attorney is one of the authority sites on this topic.
If you have the financial means to pay your debts and want to keep your home, Chapter 13 bankruptcy is probably the best option for you. You will be able to construct an appropriate payment plan with a Chapter 13 Bankruptcy, allowing you to maintain your property. You are entitled to maintain your property whether it is exempt or non-exempt. Your obligations will not be eliminated, but they may be lowered if you file a Chapter 13 bankruptcy.
A creditor may have garnished your earnings for your debt during your period of financial difficulty. This garnishment will be lifted if you file for Chapter 13 bankruptcy. (However, your Chapter 13 payment may be deducted from your check directly.) You’ll also get an instant reprieve from creditor harassment including phone calls and threatening letters. During the course of your Chapter 13 bankruptcy, your creditors are not permitted to contact you directly. If your Chapter 13 plan pays off all of your debts, any co-signers you had for loans will be protected from creditors as well.
A Chapter 13 bankruptcy can be filed at any time and for as long as necessary. Child support and taxes are not dischargeable under the plan, although you may be given more time to pay these debts. Legal fees for Chapter 13 can be higher, but in some situations they can be covered by the plan. Your plan will last three to five years, and your payments will be based on your pre-bankruptcy income and will not vary unless you petition the court to do so.
Bankruptcy under Chapter 13 permits you to rebuild your credit. When your debt becomes unmanageable, it might be a lifesaver. Your lawyer will assist you throughout the procedure.
Holland Law Office
1635 Foxtrail Drive, Loveland, Colorado 80538
Phone no: (970) 232-3097