Bankruptcy is fundamentally supposed to provide a fresh start to people who are in serious financial distress. Yet, even at a time when there’s a record high demand by debtors to file bankruptcy, there is today a growing number of people all over the world who need the protection and are qualified to file, but cannot simply because the cost of bankruptcy is too high largely because of the lawyers’ fees, and what they really need is cheap bankruptcy. No one is resistant to the financial crisis which upon over debts will lead to the Bankruptcy. There could be a few more odd things that you will notice like bank accounts and other accounts being shut down without you closing them. This could be a little bit of a hassle, but there are ways around it. Here is the gateway to step in with the fear of Bankruptcy and step out with a satisfactory decision in Vanhemelrijck Law Offices
Chapter 13 Bankruptcy:
This type of bankruptcy gives you the opportunity to legally create a plan by which you will repay your debt. Under this type of bankruptcy, you will pay into the plan on a regular basis. This type of bankruptcy offers advantages over Chapter 7 by helping you to avoid foreclosure, offering a lower cost, remaining on your credit for fewer years than and avoiding the confiscation of and sale of property in order to satisfy debts.
This is also known as an adjustment of debt of an individual with regular income. To know the income range that pushes you over a chapter 7, it requires guidance of our remarkable staff. It is very important to plan a summit with one of our highly trained teammates to see under what chapter you are eligible. The most important thing to do is to be loyal in declaring all your income streams and all debts. Under chapter 13 bankruptcy, all debts will be estimated and a repayment plan will be put together where you need to refund a certain percentage of the debt you owe with due date of 5years around.
Chapter 13 bankruptcy is essentially a court-mandated payment plan that sets up affordable monthly payments to your creditors. The decision to declare bankruptcy is not an easy one. Unfortunately, many bankruptcy attorneys recommend bankruptcy to just about anyone they consult with. All too often frightened consumers are advised to declare bankruptcy just to avoid a few debts. This is a mistake. Bankruptcy should truly be a last resort as the legal system meant it to be. A bankruptcy appears on your credit for ten years and although lending criteria are slowly changing, many lenders will not even considers an applicant who has had a bankruptcy.
Before making a decision to declare bankruptcy, estimate how bad your situation really is. On a piece of paper, make a list of all your assets and the approximate value they could be sold for. On the other side, add up all of your debts. If the debts exceed the assets by a large percentage, you may wish to consider bankruptcy. On the other hand, if it seems that your situation may improve (you may get a new job or a second income), or if your assets are of greater value or close in value to your debts, a different approach may be appropriate. So, for the final best choice visit our Bankruptcy Lawyers at Vanhemelrijck Law Offices.