People are often reluctant to seek bankruptcy protection because they do not like the idea of not paying their debts. Companies have worked hard to condition the public to the idea that they have to be absolutely scrupulous in paying everything that they’re told they owe, no matter what the circumstances are or whether it’s realistic to do so. Being in financial trouble doesn’t necessarily mean that you have to choose between paying everything right away or not paying at all, though. If you get help from the Chapter 13 Best Bankruptcy Lawyer available, you may be able to get a plan established by the courts that will allow you to repay your debts and move on with your life.
Chapter 13 is the procedure that is used when someone makes enough money to be able to reasonably pay back all, or at least part, of the debts that have been accrued. It’s very different from trying to pay on your own, however, because it puts rules in place that protect you from creditors and lays out all of the terms in a very clear way.
One of the most important advantages that it offers is the fact that you are expected to pay only what you owe at the time that you file for bankruptcy. If you have credit cards with a high-interest rate, it’s entirely possible that your payments are barely touching the money you actually owe the company. Instead, most of what you give them goes to cover the interest that they’re constantly adding on to your debt. By freezing the addition of more interest and allowing you to just pay on what you owe at the time, this process offers the opportunity to start making real progress instead of just treading water indefinitely.
If you talk to the Chapter 13 Best Bankruptcy Lawyer available, you’ll be able to get a better understanding of how your financial situation lines up with the process and what kinds of options are available for you. A lawyer should be able to give yo a sense of what kinds of payments you’d be ordered to pay by the court, and also whether you would be eligible to consider the alternative of filing for Chapter 7 bankruptcy instead. Get in touch with us for more INFO!
