Most everyone falls on difficult financial times at some point in their life. While most people can bounce back and get their bills under control, unexpected situations can prevent a person from paying all they owe. When one finds themselves trying to decide between paying their bills and putting food on their table, help needs to be sought. With the help of a bankruptcy lawyer, a person can discover how they can file for chapter 13 and find relief from the nagging bill collectors. Joe Wittman is a lawyer who works to help people get from under their load of debt.
Chapter 13 can be beneficial for those who have mostly secured debts such as mortgage and car loan debt. When a person is being threatened with losing their home or car because they cannot make the payments, this type of bankruptcy can be beneficial. There are actually many benefits to filing for chapter 13, including:
* Stops all collection activity, including foreclosure and repossession
* Lowers the payments a person owes, so they are more affordable
* Helps a person pay their back taxes and child support
* Gives a person greater control over paying their creditors
* Gives a person time to pay their bills and get caught up on arrears
To find out if chapter 13 is a suitable solution for debt, one needs to schedule a consultation appointment with a lawyer such as Business Name. He will review a person’s financial records so he can provide information on chapter 13 and how it might benefit their financial situation. Since there are some restrictions on filing, it is important one meets with a lawyer to make a sound decision on the filing.
Those who file chapter 13 are typically given three to five years of bankruptcy, depending on the debts they owe and their ability to repay them. During this time period, they can make lowered payments and improve their financial outlook. If you are in need of help with your debt, Click here to learn more information. With the help of a lawyer, you can stop the creditor harassment and overcome your debt without so much stress.
