Are you considering filing for Chapter 13 bankruptcy to settle your debts? You might want to hire a lawyer so he or she can assist with the filing process and make sure that you get desirable results. You must keep in mind that Chapter 13 bankruptcy must be approved by a judge, so it is good to have a lawyer around to assist with correctly filing paperwork. Take a look at this article to gain more insight about filing for Chapter 13 bankruptcy with a lawyers help.
1. Determining if Chapter 13 Bankruptcy is Ideal
A lawyer can help you determine if filing for Chapter 13 bankruptcy is ideal for your situation. Although Chapter 13 bankruptcy won't have as big of an effect on your credit as Chapter 7, it will still make an impact. A lawyer will assess all of your debts and might recommend debt consolidation over filing for bankruptcy if you don't owe a large amount of creditors. If you decide that Chapter 13 bankruptcy is what you want, the lawyer will help with coming up with a repayment plan and preparing your documents, as well as filing them with the court. He or she will assess your income, living expenses and assets to make sure all of the required information is included in the documents to prevent a delay or denial.
2. Attending the Meeting of Creditors
After you have filed for Chapter 13 bankruptcy, the judge will appoint a trustee to your case. The trustee will then be responsible for conducting a meeting of creditors. Basically, the meeting will give your creditors and the trustee a chance to object to your repayment plan. Your lawyer will be able to explain why your repayment plan is in the best interest of all parties involved. If there are any objections, a confirmation hearing will be conducted.
3. Assistance at the Confirmation Hearing
A confirmation hearing is conducted in the presence of a bankruptcy judge so he or she can decide on if your repayment plan should be approved or not. He or she will listen to why the trustee or your creditors objected to the plan. Your lawyer can speak on your behalf and explain why the repayment plan has the most ideal terms for paying off your debts. For instance, he or she will explain that paying a higher amount of money could cause you financial distress and possibly leading to the debts not being paid off. Speak to a lawyer about filing for Chapter 13 bankruptcy as soon as you can.
To learn more, contact a law firm like Hoffman, Hamer & Associates, PLLC.
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