What is the Difference Between Chapter 13 and Chapter 7 Bankruptcy?
To file for Chapter 7 bankruptcy, the applicant must meet certain criteria and this is the type of bankruptcy designed for unemployed people with no regular income. Unlike Chapter 7, Chapter 13 bankruptcy concerns more people with regular monthly income, but who find it difficult to repay their debts and meet their financial debts. Filing these two types of bankruptcy requires that you have bankruptcy lawyers with you who have a better understanding of the legal system in your state and are able to provide you with the best assistance.
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Debt elimination
Most people generally view bankruptcy as a negative thing when they hear the term. But people who have experienced it or who have filed for bankruptcy in the past would say it's a lifeline for them. The concept of bankruptcy aims to support the person who has filed for bankruptcy and allows him to return to normal and normal life with the release of all his debts.
In most cases, banks and financial institutions would charge a limited amount of your wages so that you can continue to pay off your debts immediately without hampering your other financial liabilities. It is the most efficient way to pay off your debts while managing your other expenses. You would need the assistance of a bankruptcy lawyer who is trained and qualified in this area of the justice system and can therefore guide the petitioner through the process and ensure that his assets are in good standing. security.
Protect your assets and your home in Chapter 13 bankruptcy
Chapter 13 bankruptcy occurs mainly when the person is worried and worried about the recovery of his assets or his home. So him Bankruptcy lawyer working for you and filing for Chapter 13 bankruptcy would ensure that your car and home and other assets are safe and that the bank or lending agency does not recover them. You will also be allowed to live in your house with dignity, but the credit agency or bank must pay for the house until all debts are paid.
The bankruptcy attorney will represent your clients in the courtroom and will also give them the ideas they need on the aftermath of things. The lawyer will also make sure that some of your mortgages are permanently deleted and will make sure that the applicant gets the best possible deals from the creditors.
Why do you need bankruptcy lawyers?
Bankruptcy lawyers are necessary because they work in your best interest and help you file your bankruptcy successfully. Not only will he present the case, but they will also represent him in court, negotiating with the court and the creditors for the payment of the debt. They will attend the meeting of creditors on your behalf and present an affordable payment plan which will ensure that the court approves it. They will be available from the start of the business until payment of your debts and will provide you with all possible assistance for financial management.