Sometimes people face so many economic challenges that they get loaded with lots of debt. Sometimes they are unable to pay those debts and become bankrupt.
You have to follow the bankruptcy laws to know how to deal with the challenges. A Chapter 13 Bankruptcy lawyer will help you out to stable your economic status.
Why do you need them?
One should hire an established and experienced bankruptcy lawyer to help them to get rid of the situation. Chapter 13 law helps you to pay your debt without interest. A person who has a stable income should apply for it.
After granting the petition of chapter 13, your case will be studied by the court. They will plan how to manage your payment.
They help you out to free your mortgage property. The law will ensure that payment planning will be according to your income, and you will have stress.
At last, you have to pay for the secured loans but not the unsecured loans. Thus you will be saved from the harassment given by the creditors. A chapter 13 bankruptcy lawyer in Miami will help you be debt-free in a very short period of 3 or 5 years. They will check that you don’t need to pay the loans of the credit card. They also make sure that nobody takes hold of your assets.
This law prevents the lender from selling your home or property when you can’t pay the loan. So, whenever you feel vulnerable to this situation, you should file for this law. One can get their property mortgage-free or also can lower the rate of the mortgage.
It gives multiple plans for the proper management of their payments. They assist in every way possible to give you relief from your huge debts. This law is not only for an individual but also for the organization.
How can they help you?
In these covid times, many individuals and companies have filed for bankruptcy law as we all know that during pandemic times, so many private sectors got closed. Due to the lockdown, people have faced so many economic challenges.
Many sectors and individuals got stuck with debts, or their property has gone into the mortgage. The bankruptcy law became a great relief for them to get rid of this tough situation.
One should consult the lawyer to know that their case is suitable for chapter 13 or other laws. If your income is not stable, you must have to file for the other laws. If your income becomes stable, you may have to file for this law.
The court approved that how much time duration you needed to pay your debt. The laws also give the additional duration of time if the debtor had suffered some setback in their current financial situation. But the lawyers mostly suggest clearing the debt in the given duration of the time.
Any other law permits you to sell your property to your debt. But the law of chapter 13 allows you to protect your property during their repayment period. The debtor has to repay the amount every month. But it allows the flexibility of restructuring for repayment plans.
Anyone can apply for this bankruptcy law but may not have failed to follow the rule of bankruptcy law in the recent past.
For filing this petition, the client must need to deposit the information of all the creditors and the loan you have. The court needs proof of your income and your tax history. The lawyer makes a proper payment management plan for you. The law can also lower your car loan by reducing the interest.