This is a question you should hope you never have to ask: Do I need to file Chapter 13 bankruptcy? However, if you are at this unfortunate point in your life, you’d be wise to have a Chapter 13 bankruptcy attorney on your side to guide you through a process that can be confusing to the non-professional.
Your Legal “Partner”
If you have no idea how you’re supposed to proceed when facing bankruptcy, take the first step in the right direction by contacting the Law Offices of Tara M. George, PC. You have a legal professional close to you who can help you through the Chapter 13 process, answering questions honestly and accurately, and reducing the stress you feel.
Working with Chapter 13 bankruptcy lawyers in New Bedford, MA can allow you to repay all of your debts, or part of those debts, as opposed to complete liquidation. This is a good choice for those who have the income but cannot meet the demands of creditors who want payment right away. For example, you’re allowed to keep your home under a settlement plan, but you must make the mortgage payments.
Your Chapter 13 bankruptcy lawyers will explain that you have a period of three years to five years to resolve the debt situation. All disposable income must be applied to reduction of debt. Unsecured debts can often be eliminated under this chapter, though your bankruptcy lawyer will advise you on the specific path you must take. He or she will help you come up with a plan for reorganization that protects certain assets and seeks to forgive other debts.
Chapter 13 bankruptcy lawyers will also advise you that no plan will eliminate all your debts. You’ll still have to pay alimony and child support, for example. But this process can be a way for you to have the chance for a new start.