There are many benefits to meeting with a Chapter 13 bankruptcy attorney. If you are having trouble paying your bills and don't want to fall further behind, you should set up a consultation with a bankruptcy lawyer. The attorney can review your finances with you and help you resolve your financial problems.
People who have fallen behind on their payments but still want to keep their property usually file Chapter 13 bankruptcy. When a person files for Chapter 13, there is the intent to become current with the delinquency owed for their secured debts. For instance, if the person has fallen behind with their mortgage payments, boat loan or car loan, then the person will need to pay those creditors and attempt to become current during the three to five year bankruptcy plan.
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Once the Chapter 13 bankruptcy case is filed, the person will have to continue making payments for the financed property he wants to retain. The person would make the regularly scheduled payments as stipulated in their loan agreement. The person would also make a monthly payment as agreed through the bankruptcy plan to eventually become current with the delinquent payments.
The person filing for bankruptcy is the debtor. The companies that the debtor borrowed money from are known as creditors. The person in charge of administering the case is the trustee. The trustee makes sure that the debtors and the creditors submit all of the proper paperwork. The trustee receives the monthly payments the debtor makes through the bankruptcy plan. The trustee distributes those monthly payments to the creditors.
The trustee wants to make sure the debtor is able to successfully complete the bankruptcy plan. The trustee will review the debtor's income and debts. The trustee will make sure the debtor has enough money per month to pay monthly expenses as well as cover the bankruptcy plan payments. If the trustee believes that the bankruptcy plan is not sustainable, then the bankruptcy plan will not be approved by the court.
The consumer bankruptcy lawyer will thoroughly review the client's debts and finances. The lawyer will explain if filing for Chapter 13 bankruptcy is the best way to deal with the financial obligations. The attorney can give the client an estimate of how much their monthly trustee payments will be. If the client or attorney believes that filing for Chapter 13 bankruptcy is not a viable option, they can discuss other alternatives.
Sometimes when people are having financial difficulties, they need guidance and assistance from a professional. Consulting with a bankruptcy attorney is a good way to find out all of the legal options available when dealing with strenuous financial problems.
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