You will need to hire the services of a Chapter 13 bankruptcy lawyer when you are planning to file for bankruptcy under Chapter 13. This is also popularly called the Wage Earners Plan because it lets people having a steady income repay their debts through a systematic plan. So, the debtor here will be proposing a repayment plan whereby he can repay the debt in installments over a period of time, which is 3-5 years normally.
Why do you need a Chapter 13 bankruptcy lawyer?
The biggest benefit of filing for bankruptcy under Chapter 13 is that you can actually prevent a foreclosure from happening. People may be able to stall a foreclosure and repay the mortgage through installments. Besides, people can also reschedule the secured debts and extend them. Chapter 13 includes a special provision whereby third parties can be protected in case they are liable on consumer debts. Under Chapter 13, the individual concerned is not going to be in direct touch with any creditor.
How to find a business bankruptcy Chapter 13 in Maryland :lawyer
Not all bankruptcy declarations will be the same and therefore one must understand the differences between Chapter 7 and Chapter 13. Depending on the way it is handled, a bankruptcy declaration can be viewed as an excellent opportunity to start anew; but if this is mishandled, the results can be disastrous and you could end up losing a great deal of credibility.
You need a bankruptcy lawyer who can understand the different methods for filing bankruptcy and can choose the one that is right for you. The filing method he selects should be able to guarantee flexible terms as far as repayment go. Using Chapter 13, you can actually reorganize your affairs and pay off the debts in a manner affordable for you. So, you get a chance to save your car or house, reorganize the debts, and even improve your credit score.
The legal firm you hire for filing bankruptcy should employ only the best heads in the business. Before you hire an attorney, you need to verify his credentials and check his track record. It is imperative to select a lawyer who has had a lot of experience in handling bankruptcy cases in the past.
The firm you choose to approach should be open for consultations with you so that you know exactly where you stand, what the possible outcomes are, and how to go about the process of filing for bankruptcy. You can get the names of well-known bankruptcy lawyers from the state bar association and also from friends and relatives who may have used such services in the past.
Before you sign up with any law firm, it is also important to understand how their billing procedures work. So, you should inquire about the lawyer’s fees before you start your sessions. You can even read about cases that the lawyer may have successfully handled earlier and browse for people’s feedback.
Before you sign up with any law firm, it is also important to understand how their billing procedures work. So, you should inquire about the lawyer’s fees before you start your sessions. You can even read about cases that the lawyer may have successfully handled earlier and browse for people’s feedback.