When Do You Need The Best Chapter 13 Bankruptcy Attorney In Valdosta?

There is no doubt about it: Chapter 13 bankruptcy is best for very specific situations and for people who have good reasons that chapter 7 bankruptcy just won’t work for them. If you are looking into filing bankruptcy, you need to find the Best Chapter 13 Bankruptcy Attorney In Valdosta before you start trying to navigate through the process on your own. While chapter 7 bankruptcy may be simple enough to handle largely on your own, at least in some cases, that is definitely not the case with chapter 13. Chapter 13 involves much more paperwork, much more negotiation, and much more property in most cases. A trained lawyer is the only person who can make sure your chapter 13 is done right.

If you are a person who owns a considerable amount of property, you need the Best Chapter 13 Bankruptcy Attorney In Valdosta. Did you know that the chapter 7 bankruptcy rules will only allow you to keep a very minimal amount of property? If you try to file chapter 7, you’d get to keep only your primary home, and only then if you have a small amount of equity in it. If you have too much equity, your home would be sold in a chapter 7 and the proceeds would be distributed among creditors. If you have multiple cars, you’d lose all but one of them in a chapter 7 bankruptcy, and again that is only true if your equity in the vehicle is fairly low.

Chapter 13 is ideal for the person who has a couple (or more) pieces of property, a few cars, and has enough assets that really matter to them that they want to do all they can to hang onto them. If you have enough cash flow that you are still able to satisfy at least some of those financial obligations, consider talking to a chapter 13 lawyer. In many cases, the lawyer can hammer out agreements with creditors that will bring your monthly obligations down to reasonable proportions. With chapter 13, you are simply re-organizing your debts instead of trying to discharge them like you would be in chapter 7. Chapter 13 lets you keep your property and also proves to the courts and your debtors that you really want to make good on the debts! Visit us at Charles Farrell Jr. LLC to Know More!

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    Author: Ally Allshouse

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