There may come times in our lives when we are faced with a lot of debt and see no way to get out of it. To add salt to the wound, you may have lost your job, be too sick to work or be facing any number of unforeseen unfortunate events. In cases like this, you may need the assistance of a chapter 13 attorney Martinsburg WV.
Many people are unfamiliar with the Chapter 13 repayment plan. More people have heard of filing for bankruptcy under chapter 7, which results in the liquidation of all your assets. The decision to file under chapter 7 is often taken by those who see no end to their financial woes and would like them solved once and for all. However, a chapter 13 attorney will help you file for bankruptcy under chapter 13 to give you leeway to pay up your loans.
The Chapter 13 Repayment plan is suitable when you are finding it almost nearly impossible to repay your loans and need some room to breathe. Many people do it to stop creditors from repossessing their property or to stop foreclosures.
Unlike in Chapter 7, the chapter 13 attorney Martinsburg WV will help to ensure that your property is not liquidated. This chapter was created to ensure that people in debt could keep their property as they figure out how to repay loans. The repayment plan gives you some time to get back on your feet and begin repaying your debts.
A repayment plan can last for any period between 36 and 60 months. Within this period, paying back your debts should be your first priority. You will have to keep up with the current payments and begin to bring past balances up to date. The court will decide which debts you are to prioritize. Secured creditors are usually the first to be paid off.
According to the bankruptcy code, you then have to use any remaining disposable income to repay any unsecured creditors.
Having a Chapter 13 attorney to guide you through the process will ensure that the terms and period set by the court will be favorable to you. The advantage of filing under this chapter is that if all payments that are scheduled have been made by the end of the payment plan then any remaining unsecured debt may be discharged.
It is important to choose an experienced chapter 13 attorney Martinsburg WV to handle your case. This will ensure that all bases are covered. If any mistakes are detected when filing for bankruptcy under Chapter 13, your case may be thrown out and you will fail to get the protection that you were seeking from the court.
Choosing to file for bankruptcy under Chapter 13 has several benefits. However, it is important to ensure that you hire a Chapter 13 Attorney Martinsburg WV to guide the process. Visit the website at Lshermanlawfirm.com. Like us on Facebook.
