There are mainly two insolvency chapters, chapter 7 and chapter 13 bankruptcies. Through chapter 13 bankruptcy laws, you will get 3-5 years' time period for repaying the amount of money you owe to the creditors.
If you have a steady monthly income, but have huge liabilities to pay, you can opt for chapter 13 bankruptcy. To file bankruptcy through the new law, you must file a legal petition at the court and then you will be allowed to make full or partial payment against your financial liabilities. In fact, this has been beneficial because you will get 3 to 5 years for repaying back the loan amount. By choosing chapter 13 bankruptcies, your assets will not be affected or liquefied. In the past, this was not possible as people had to mortgage their assets and if the payment is not paid, the assets were taken over by the creditors.
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Let us have a look at the procedures to file chapter 13 bankruptcy.
First of all, you have to find a capable bankruptcy lawyer and consult the matter with him. When you give details about your income and financial liabilities, the lawyer or the financial expert will help you choose an appropriate solution. You can ask the financial expert or the lawyer to know whether filing bankruptcy will be beneficial for you or not. However, in the modern time, bankruptcy should be considered as the last option.
Before you choose any chapter of bankruptcy, you must understand them properly. The consequences of bankruptcy can be more overwhelming than getting a solution. Therefore, you must determine whether chapter 13 will be beneficial for you or not. Chapter 13 bankruptcy laws help the defaulters to repay the amount in full or partial to the creditors, over a period of time.
If you are ready to file bankruptcy, then filing a petition at the court is a must. While filling insolvency, you must give details about your assets, liabilities, income and expenditure. Giving these details along with information about your unexpired leases and financial contracts will help you prepare a strong document or petition. It is always better to seek help from your bankruptcy lawyer or a top financial expert.
It is a must for every defaulter to pay the court fees and lawyer fee. Filing petition is a strong point for the defaulter because after it is filed, the creditors cannot continue to sue you or make any collection calls.
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