_Make 13 Your Lucky Number—7 Ways Chapter 13 Bankruptcy Can Be A GOOD Thing
_Don’t let bankruptcy bankrupt your spirit. Provo Bankruptcy Lawyers offers 7 ways you can you’re your chapter 13 worries.
Provo Bankruptcy Lawyers continue to lead the way in free bankruptcy advice, offering online video tutorials and initial, no-cost consultations to personally guide consumers through the expansive world of chapter 13 bankruptcy.
Filing chapter 13 bankruptcies can be tricky. Some people may wonder what makes a chapter 13 different than other bankruptcies. It’s a question Jeff Salberg, attorney at Provo Bankruptcy Lawyers, receives often.
It’s understandable why so many people have contempt for the word “bankruptcy.” It’s a difficult thing to go through, and many associate feelings of shame, guilt and embarrassment with the bankruptcy process. At Provo Bankruptcy Lawyers, attorneys are available to ease those feelings and explain the many benefits that can emerge from filing for bankruptcy.
Here’s a countdown of 7 gainful results that emerge from filing for chapter 13 bankruptcy:
7) Repay your debts
Chapter 13 is beneficial because the filer qualifies to repay some or all of the debt. “It’s also known as a ‘wage earner plan’ because, in order to file for chapter 13, you must have a reliable source of income that you can use to repay some portion of your debts,” said Salberg.
6) Propose your own repayment plan
Salberg says that proposing your own repayment plan in order to file for chapter 13 can actually be beneficial to you. You can work with a professional to design a plan that will meet your financial needs and get you out of debt.
5) You have time to pay
Following the payment plan you propose, you will be given three to five years to pay back the scheduled amount owed. “The minimum amount you’ll have to repay depends on how much you earn, how much you owe, and how much your unsecured creditors would have received if you had filed a chapter 7 bankruptcy,” Salberg says.
4) Federal limit is $1 million
“Your debts must be within limits set by the federal government,” Salberg said. “However, this doesn’t affect most families. The current limit is over 1 million dollars in secured debt and $336,900 in unsecured debt.”
3) Make up missed payments
“If you have secured debts like a house mortgage or car loans, chapter 13 gives you an option to make up missed payments to avoid repossession or foreclosure,” according to Salberg.
2) Restructure past due amounts
“You can include these past due amounts [such as secured debts like home mortgage or car loans] in your repayment plan and make them up over time,” said Salberg.
1) Stop collection actions
“Filing a chapter 13 stops most collection actions against you or your property,” Salberg said. “It can also stop collections against co-debtors related to your consumer debt.” For this reason, chapter 13 is incredibly beneficial for those buried in mounting bills and debt.
Filing for chapter 13 may also be required if your family income exceeds the average income of a similar sized family in your area. All the rules regarding chapter 13 can be voluminous. You have a chance to speak with industry professionals for free. Schedule an appointment today. Or if you have more questions, feel free to visit http://www.ProvoUtahBankruptcyLawyers.com/provo-utah-bankruptcy-help-faq/
About Provo Bankruptcy Lawyers:
Provo Bankruptcy Lawyers study the letter of the law, but also from real-world experience in bankruptcy cases. We know how the courts and the criminal justice system operate, and we know how to function within those worlds to make sure your interests and rights are protected. When you’re facing a legal challenge, let us show you the difference our commitment to you can make.
http://www.ProvoUtahBankruptcyLawyers.com/
Provo Bankruptcy Lawyers continue to lead the way in free bankruptcy advice, offering online video tutorials and initial, no-cost consultations to personally guide consumers through the expansive world of chapter 13 bankruptcy.
Filing chapter 13 bankruptcies can be tricky. Some people may wonder what makes a chapter 13 different than other bankruptcies. It’s a question Jeff Salberg, attorney at Provo Bankruptcy Lawyers, receives often.
It’s understandable why so many people have contempt for the word “bankruptcy.” It’s a difficult thing to go through, and many associate feelings of shame, guilt and embarrassment with the bankruptcy process. At Provo Bankruptcy Lawyers, attorneys are available to ease those feelings and explain the many benefits that can emerge from filing for bankruptcy.
Here’s a countdown of 7 gainful results that emerge from filing for chapter 13 bankruptcy:
7) Repay your debts
Chapter 13 is beneficial because the filer qualifies to repay some or all of the debt. “It’s also known as a ‘wage earner plan’ because, in order to file for chapter 13, you must have a reliable source of income that you can use to repay some portion of your debts,” said Salberg.
6) Propose your own repayment plan
Salberg says that proposing your own repayment plan in order to file for chapter 13 can actually be beneficial to you. You can work with a professional to design a plan that will meet your financial needs and get you out of debt.
5) You have time to pay
Following the payment plan you propose, you will be given three to five years to pay back the scheduled amount owed. “The minimum amount you’ll have to repay depends on how much you earn, how much you owe, and how much your unsecured creditors would have received if you had filed a chapter 7 bankruptcy,” Salberg says.
4) Federal limit is $1 million
“Your debts must be within limits set by the federal government,” Salberg said. “However, this doesn’t affect most families. The current limit is over 1 million dollars in secured debt and $336,900 in unsecured debt.”
3) Make up missed payments
“If you have secured debts like a house mortgage or car loans, chapter 13 gives you an option to make up missed payments to avoid repossession or foreclosure,” according to Salberg.
2) Restructure past due amounts
“You can include these past due amounts [such as secured debts like home mortgage or car loans] in your repayment plan and make them up over time,” said Salberg.
1) Stop collection actions
“Filing a chapter 13 stops most collection actions against you or your property,” Salberg said. “It can also stop collections against co-debtors related to your consumer debt.” For this reason, chapter 13 is incredibly beneficial for those buried in mounting bills and debt.
Filing for chapter 13 may also be required if your family income exceeds the average income of a similar sized family in your area. All the rules regarding chapter 13 can be voluminous. You have a chance to speak with industry professionals for free. Schedule an appointment today. Or if you have more questions, feel free to visit http://www.ProvoUtahBankruptcyLawyers.com/provo-utah-bankruptcy-help-faq/
About Provo Bankruptcy Lawyers:
Provo Bankruptcy Lawyers study the letter of the law, but also from real-world experience in bankruptcy cases. We know how the courts and the criminal justice system operate, and we know how to function within those worlds to make sure your interests and rights are protected. When you’re facing a legal challenge, let us show you the difference our commitment to you can make.
http://www.ProvoUtahBankruptcyLawyers.com/