You might not realize it until you go to them for help, but a chapter 13 bankruptcy attorney can be extremely helpful when it comes to dealing with all types of bankruptcies that you might have to deal with. Unlike so many other members of society, they understand that there are advantages and disadvantages of filing bankruptcy, and they want to help you walk through the pros and cons of each. Basically, they are happy to work with you to get a favorable result and to answer any questions that you may have about bankruptcy and how it works.
Active bankruptcies are on the rise as many people find themselves simply unable to keep up with all of the bills that they are expected to pay. It is easy to get swamped over by the amount of debt that one has, and it can feel helpless to be in this situation. Fortunately, the attorneys that are on standby to help you with bankruptcy know exactly what you are feeling when you go through this. They have helped countless clients work through these issues before, and they are happy to help you with them as well. You just need to trust that these attorneys know what they are doing and have the talent to get the job done right for you.
Bankruptcy refers to the legal status of a person or other entity, like a business, that cannot repay the debt owed to creditors. Importantly, bankruptcy is not a synonym for insolvency; just because someone files for bankruptcy doesn’t necessarily mean he or she is absolved of all debts. However, anyone looking for bankruptcy information should trust a bankruptcy attorney referral, as bankruptcy law attorneys are well versed in bankruptcy law.
There are two types of personal bankruptcy filings: chapter 7 bankruptcy allows the debtor to discharge all or part of the debt, while chapter 13 bankruptcy allows debtors to repay all or part of their debt based on a payment plan. Notably, falsifications on bankruptcy forms constitute perjury, and bankruptcy fraud is a federal crime in the United States.
Under Chapter 13 bankruptcy, you repay all or part of your debt under a 3-5 year repayment plan. Plus, the U.S. Bankruptcy Code states that to file Chapter 13, you cannot have more than $922,975 in secured debt and $307,675 in unsecured debt.
Legal technology provider Epiq Systems estimates that nearly 1.25 million Americans will file for bankruptcy this year, although that number represents a decrease from the year before. At the end of the day, if you have bankruptcy questions and need a bankruptcy attorney referral, you should turn to the internet.
A bankruptcy attorney can provide you with bankruptcy tips and advice and even offer information about the chapters of bankruptcy. To many people, the process of bankruptcy is a puzzle, but to bankruptcy lawyers, it is like second nature. Find out more about this topic here.
