Loveland Chapter 13 Bankruptcy Lawyers

Guiding You Through Your Chapter 13 Bankruptcy Every Step of the Way

Being buried underneath debt can be an incredibly unpleasant experience for anyone. During unprecedented times, finances may be harder than ever to maintain. Mistakes and mishaps can also happen which can lead to stressful financial circumstances. Sometimes, debt can pile up because of extenuating circumstances. No matter how or why your debt has taken over your peace of mind, there may be debt relief options available for you.

Chapter 13 is one of several options that are available for you in case your financial situation is too much to bear. Much like other bankruptcies like Chapter 7 bankruptcy, Chapter 13 bankruptcy has specific qualities about it that make it more viable for certain people but is not for everyone. To learn more about the ins and outs of Chapter 13 bankruptcy, it may be best to contact a Chapter 13 bankruptcy attorney to help you figure out which approach is best for you.

What is Chapter 13 Bankruptcy?

Many people don’t know the distinct differences between Chapter 7 and Chapter 13 bankruptcy. Each type of bankruptcy can serve a different purpose, but ultimately, each type of bankruptcy provides a certain sense of control over your finances. Chapter 13 bankruptcy differs from Chapter 7 bankruptcy primarily due to the method debts are relieved. While most common debts are discharged in Chapter 7 bankruptcy, Chapter 13 bankruptcy takes an entirely different approach. A repayment plan is required by Chapter 13 bankruptcy, which can potentially allow you to consolidate certain debts and pay a single monthly payment that is within your means to pay off your creditors over time. Chapter 13 bankruptcy may be an effective way to save your home from foreclosure if you have missed several mortgage payments in the past. An efficient repayment plan can include payments to make up for missed mortgage payments. The repayment plan is typically your responsibility to construct. To navigate every aspect of Chapter 13 bankruptcy, it’s ideal to have a Chapter 13 bankruptcy lawyer look over your qualifications and debt to optimize your Chapter 13 bankruptcy plan.

Can a Lawyer Help Me Draft a Repayment Plan?

A major benefit of having a bankruptcy lawyer beside you during your Chapter 13 bankruptcy case is having their input and expertise while drafting a repayment plan. On the surface, you may think it is simple to write up a repayment plan that will benefit you and creditors alike. However, the court may have to approve or deny your repayment loan based on its merit. A bankruptcy lawyer can measure your income, your expenses, and your current debt to come up with a reasonable repayment plan that will allow you to maintain a decent quality of life while paying down your debt. If you proceed without a bankruptcy lawyer, it’s possible that you may be jeopardizing financial wiggle room for yourself. Consult with a bankruptcy attorney before filing for Chapter 13 bankruptcy to see what they can do for you during your process.

Are There Requirements to File for Chapter 13 Bankruptcy?

For the most part, Chapter 13 bankruptcy is available for many people but is typically used by people who could not qualify for Chapter 7 bankruptcy. Chapter 13 bankruptcy may require you to obtain consistent income. This is needed to repay your creditors over time. Chapter 13 bankruptcy also requires you not to exceed a certain level of debt. If you owe over a certain amount in unsecured debts and secured debts, you may be ineligible for Chapter 13 bankruptcy. Your Chapter 13 bankruptcy attorney can help you clarify your situation to see if you are eligible for Chapter 13 bankruptcy.

What Benefits Can a Lawyer Provide Me in My Chapter 13 Bankruptcy Case?

Chapter 13 bankruptcy can provide you with a wealth of benefits that can help you alleviate your tricky financial situation. Holland Law Office can direct your bankruptcy case from the very beginning to the very end. Schedule a consultation with a tried and tested bankruptcy lawyer from Holland Law Office today by calling 970-232-3097.