Chapter 13 can help a debtor do many things, including rebuild credit, save assets and prevent foreclosure. While a Chapter 7 is about cutting losses and starting over, Chapter 13 is different. It doesn’t erase debt, but it gives a person time to straighten out their finances. No matter where a client lives, they should Visit the website to work with Joseph I Wittman Attorney at Law if they decide to go through Chapter 13.
Chapter 13 is a viable solution if a homeowner needs time to prevent a foreclosure. With a Chapter 13 case, a debtor has a greater chance of holding onto their home because of the automatic stay, which prevents a lender from collecting on a delinquent mortgage.
Save the Family Vehicle
For most families, a vehicle is their second most expensive asset. Just as a Chapter 13 filing can save a family from foreclosure, it can also prevent a vehicle repossession. All past due car payments are consolidated, and the debtor gets up to five years to pay.
Consolidate Student Loans
Student loan debts are difficult to repay. Chapter 7 is not the best choices, as it does not allow filers to eliminate student loan debt. However, just as in the examples listed above, a Chapter 13 filing can help a borrower combine all their loans into one monthly payment, with more time to pay it off.
Fill and Submit Paperwork
Hiring a bankruptcy lawyer is important, regardless of whether a person chooses Chapter 13 or Chapter 7. Bankruptcy is a complicated proposition, even for those who think they understand the process. Joseph I Wittman Attorney at Law can help a person fill and submit the proper documents on time.
Handle the Court Case
Although a Chapter 13 hearing is short, there’s a lot going on. With the pace of these hearings, it’s easy for a client to make a mistake. Having legal counsel is important at all stages of the process, but it’s particularly vital in the court phase. No matter where a person lives, or which type of bankruptcy they choose the proper legal representation can help them get a fresh start for their finances.