Seeking bankruptcy protection may be the only option available for effectively controlling your debts to get a fresh start. However, bankruptcy is a complicated legal process, and there are many details that individuals may not appreciate.
Chapter 13 Protection Can Help To Protect Your Assets
Some people believe that every bankruptcy proceeding will result in the petitioner losing all of their assets. However, Chapter 13 bankruptcy protection allows you to avoid the loss of your assets as your debts will be restructured so that you can make the payments more easily. This can be a valuable option for anyone that is wanting to gain control over their finances while minimizing the risk of having their assets liquidated to satisfy their debts. There are limits to qualify for Chapter 13 protection, and you will need to verify that you meet these minimum standards before you decide to pursue this legal option.
Appreciate The Importance Of Sticking To Your Payment Plan
As part of the process of settling a Chapter 13 claim, it will be necessary to negotiate a new payment plan with the debtor's creditors. Failing to adhere to this payment plan can be a serious mistake as it will potentially cause the agreement to become void, and it may allow the creditors to begin using more aggressive collection measures. During the negotiations, it is important to be mindful of the maximum amount that you will be able to pay while maintaining a reasonable standard of living. Maintaining the discipline to stick to this budget can be a challenge, but having a reasonable budget can help to make this an easier task.
Use A Chapter 13 Bankruptcy Attorney To Guide You Through This Process
The process of navigating the bankruptcy process can be confusing, and it will require a person to be aware of a number of different factors and variables. Additionally, failing to follow the correct procedures can compromise the bankruptcy process so that it may take much longer to complete or you may not get the results that you want. Luckily, a Chapter 13 bankruptcy attorney will be able to help guide you through the process of filing for bankruptcy protection. While it is easy for individuals that need to file bankruptcy to be concerned about the costs of this representation, it can be invaluable for ensuring that your rights are protected and your interests represented throughout the negotiations and other steps involved with obtaining Chapter 13 bankruptcy protection. To learn more, contact a firm like Ozment Law PA.