Chapter 13 is such a wonderful Chapter of the United States Bankruptcy Code states Olympia Fields bankruptcy attorney. It allows for a reorganization of debts which can be repaid over a three to five year period. It is often used to save a home that has gone into foreclosure. It is often used to repay the debt owed to an auto lender. Lastly, it can be used to repay all other debt of any kind or variety. It can stop a foreclosure dead in its tracks. It can stop a wage garnishment immediately upon filing. It can also unfreeze a bank account that has been frozen by a creditor. It can truly save a person’s financial life. It is definitely something to consider if you are asking yourself, should I file for bankruptcy?
To fully understand the process of Chapter 13 and how it can benefit you in your financial situation, then you should contact a bankruptcy attorney in your area. That attorney will meet with you, interview you, examine your financial situation and devise a plan for you going forward. Hopefully, if you desire a Chapter 13, the attorney will be able to prepare a plan for you. If you are not able to file a Chapter 13, hopefully the attorney can direct you into another chapter of the bankruptcy code that will provide you relief.
If your desire is to save your home, do not be discouraged by what you hear in the bankruptcy news. You do have options that may not have been advertised throughout the media. These are very difficult times for Americans. Many people have never felt the strain that they are feeling today. They may have never thought about bankruptcy until now. Thus, there is a learning curve to getting started. I would suggest that you meet with several attorneys to ensure that you are hiring someone who is knowledgeable and capable of handling your case. Beware of someone who has moved back into the bankruptcy arena from other areas of the law. Many attorneys believe that there is money in representing debtors in bankruptcy. These are the attorney to stay away from. For twenty years I have been assisting individuals and businesses who have found themselves in a financial struggle. You can rest assured that when I am handling your case, you will be well taken care of. I file Chapter 13 bankruptcy cases.
If Chapter 13 is what you desire, ask the attorney what percentage of bankruptcy cases that he works on are of the Chapter 13 variety. Some attorneys will not take a Chapter 13 case and will only take Chapter 7 cases. If you ask the right questions, you can gain an understanding of the attorney’s qualifications.