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7 Reasons Chapter 13 Bankruptcy Might Be Right for You
Changes in bankruptcy laws have left many to erroneously think that they can no longer declare bankruptcy. This is not true. Filing for bankruptcy is a decision that should not be made without first seeking the qualified counsel of a Texas bankruptcy lawyer. A Texas bankruptcy lawyer can help you decide which form of bankruptcy is best for you. Under Chapter 13 a debtor is given the ability to liquidate assets and set up a debt repayment plan that best suits them. This can give you the relief you need from high credit bills and other debt. The first step under chapter 13 is to receive credit counseling and budget analysis from an approved counseling service. This step can be omitted in a few situations of hardship, but most will have to undergo the counseling. It is an important step that must be taken to prevent your case from being dismissed. Speak with a qualified bankruptcy lawyer today to discuss your options under Chapter 13 bankruptcy. Generally speaking, Chapter 13 may be right for you if: 1. You have a stable source of income. You must be able to regularly make payments to pay back your debt. 2. You have enough disposable income after all expenses are paid to make regular payments for your debt. There is no set value for this. The courts will require a proposed budget to determine if you satisfy this requirement. 3. Your secured debts are less than $922,975 and your unsecured debts do not exceed $307,675. 4. You are behind on mortgage or vehicle payments you intend to keep 5. You have tax debt, or student loans 6. You have a large amount of non exempt property you do not wish to lose. 7. You have a cosigner on your loans you wish to protectMichele Wallace, author of this article, writes for the <a href= http://www.maliselawfirm.com/><b> MaliseLawFirm"</b></a>. Hire experienced <a href=http://www.maliselawfirm.com/><b>"San Antonio bankrupty attorneys"</b></a> with Malaise and get the debt relief you deserve.
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Bankruptcy Explained
Whether or not we want it to or mean it to, often times our debt can become out of hand, to the point that we can no longer control it. It does not occur because we expect it, it occurs because we live in an age where credit is everything. In fact, many people do not even accept cash for a variety of things, for example, online shopping. All online shopping opportunities takes credit cards only. We will use credit for so many different items, that before we know it we begin to become overwhelmed and have the inability to pay the credit when the time comes. When it comes to bankruptcy, this means that you are legally declaring that you have the inability to pay your creditors. Bankruptcy was formed in efforts to allow the debtor to have a fresh start within their life, this will allow the debtor to be relieved of most of the debts they have incurred. Additionally, bankruptcy gives creditors some rights as well, because it can allow them to recoup some of their money to the extent of the debtors ability to pay. There are various laws in place that allow the debtor to make use of non-exempt property in efforts to pay the creditors. Many pieces of your property will be exempt; however, it is possible that you have some non-exempt items. Within the United Kingdom, the word Bankruptcy only applies to partnerships and individuals. Corporations are required to declare other types of legal insolvency such as administration, liquidation, and administrative receivership. The typical bankruptcy procedures last no more than one full year, often less depending upon the trustee in bankruptcy. When a person has filed for bankruptcy, all credit collection must end. Companies are not allowed to pursue, call, mail, visit, repossess, or otherwise sue the debtor, for the purposes of debt collection. If a company chooses to do so, they will likely be held responsible by the court of law and to the debtor. Bankruptcy is to be used as a last result; there are many other steps you could take to help eliminate your debt prior to filing for bankruptcy. Other options available to you include debt consolidation, credit counseling, and negotiation with your creditors, make a formal proposal with the creditors, and learn to manage your money yourself. It is important that you fully investigate all of your options and learn what steps you can take to obtain a debt free life. Tim Renolds is the owner of <a href="http://www.loan-source.co.uk">Debt Consolidation Loan</a> providing Uk homeowners with a free loan quote service. Visit us today for a free no obligation quote.
Source: www.ArticlePros.com