Clearwater Bankruptcy Lawyer: What Is Chapter 13 Bankruptcy?
Filing bankruptcy is not the right choice for everyone. It’s important to look at several factors and consult with a Clearwater bankruptcy lawyer before deciding if it’s right for you. A meeting with a Clearwater bankruptcy lawyer should be the very last alternative for anyone in a financial bind.
Once you file for bankruptcy, it can take up to ten years for it to be removed from your credit record. This means it will be challenging for you to get any new loans or credit. In addition, it will show up anytime you try to secure a new apartment, home, or job. If you are considering bankruptcy, be sure to consult with a bankruptcy lawyer, and consider the following information to determine if bankruptcy is needed in your particular situation.
Does the bankruptcy lawyer specialize in the type of bankruptcy that’s right for you? There are different types of bankruptcy, including Chapter 7 and 13, the two most common options. First, you want to work with a bankruptcy lawyer proficient in the types of bankruptcy available to you and that’s best for your situation. Second, you want a bankruptcy lawyer that is astute and knowledgeable in the chapter, or type, of bankruptcy you end up choosing and filing for. Or, if you don’t file at all, you want a lawyer who’s resourceful in helping you with your financial situation.
Chapter 13 bankruptcy means you’ll get to keep your home and assets. While you and your bankruptcy lawyer work out a repayment plan for your debts, you’ll get to keep your assets. However, you do need to continue to make the payments on these assets throughout the bankruptcy proceedings. Chapter 13 bankruptcy means debt collectors and creditors cannot continue or start any new collection efforts while you’re in your repayment plan period. Your Clearwater bankruptcy lawyer should be the first person you contact if this doesn’t happen.
Chapter 13 bankruptcy doesn’t hurt your credit as bad as Chapter 7 does in most cases, but your credit will still take a hit. Your bankruptcy lawyer should be able to walk you through rebuilding your credit score post bankruptcy.
Chapter 13 bankruptcy repayment plans can last anywhere from 36 months to 60 months, though most of the time, repayments are to be made and completed in full within the 36 month time frame. Your bankruptcy lawyer and you can work together with creditors to develop the best plan for you, but in most cases, your creditors will want the payments as soon as possible, and within 36 months.
However, if none of these options are feasible for you, then you and your bankruptcy attorney may agree bankruptcy is the best option for you. You want to make sure you’re confident and comfortable with your Clearwater bankruptcy attorney’s recommendations when it comes to filing for bankruptcy as well. If you’re not, then it might not hurt to get a second or third opinion from other bankruptcy attorneys. After all, this is your credibility and livelihood we’re talking about, so you want to make the right decision for you and your family.
Want to find out more about clearwater bankruptcy, then visit Mike Lewis’s site on how to choose the best clearwater bankruptcy attorney for your needs.
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