Filing For Chapter 13 Bankruptcy In Richmond Va
Today's article is brought to by Fisher-Sandler Law. Under Chapter 13, some debts will be paid in full while some creditors will receive only a percentage of the money they are owed. The unpaid portion of the debt may be discharged when the Chapter 13 plan has run its course if the bankruptcy court deems you have made a good faith effort to pay off all your debts. Many people prefer to file for Chapter 13 bankruptcy because they can get to keep their home and their automobile while they work to repay their debt. People who file for Chapter 7 bankruptcy often have to forfeit all their assets to satisfy their creditors.
There are many benefits to filing for Chapter 13 bankruptcy in richmond va. One benefit is it allows people to stretch out the repayment of their taxes, student loans, and other types of non-dischargeable debts for up to 5 years. Another benefit of Chapter 13 bankruptcy is it allows the debtor to avoid foreclosure on their home and prevent the repossession of their vehicle if they have fallen behind on their payments. The debtor is given an opportunity to make up those missed payments as part of their bankruptcy plan. Chapter 13 also prevents creditors from going after cosigners to make them repay the loan.
Not everyone is eligible to file Chapter 13. In order to qualify you must have enough regular income to make the required monthly payments to the bankruptcy court while continuing to pay the ongoing expenses you have. However, people who have large incomes and want relief through bankruptcy do not qualify for Chapter 7 and must file for Chapter 13 protection. The bankruptcy process is complex. You need the help of an experienced bankruptcy attorney. We can help. Contact us and we will schedule a free consultation and answer any questions you have about the process.