Are you in a situation of indebtedness and trying hard to find a way out from the harassment of your creditors? The best possible option is to go to a reputable law firm and seek help from experienced bankruptcy lawyers. The bankruptcy code covers various situations of indebtedness through the several chapters that come under it. Bankruptcy Chapter 7 helps to eliminate all your obligations of unsecured debt. With this, you are allowed to surrender any unwanted personal or real property for which you are not able to maintain the payments. For instance, you can surrender a home or vehicle that you are not interested in anymore. Chapter 13 focuses on a debt consolidation plan depending on the situation of the debtor. This plan provides repayment options and terms that are reasonable for the debtor. Under this chapter, the court protects your assets like your vehicle or home.
You lawyer can help you with the following through Chapter 13:
1. They can stop the foreclosure of your home.
2. They can help to remove a home equity loan or second mortgage loan.
3. The repossession of your vehicle can be stopped.
4. They can help to stop any utility shut-off.
5. Occurrence of judgment or wage garnishment can be stopped.
6. Through this chapter, they can help to end all calls and harassment caused by the creditors.
There may be various other programs for debt management, but Chapter 13 is considered to be one of the most effective and advantageous. The advantages of this debt consolidation plan are given below:
1. The program under this plan is arranged for a certain period (normally 36 to 60 months). The amount that has not been paid can be eliminated. However, the same cannot be assured by any other debt management program or agency.
2. The repayment can be done at a zero percent rate of interest. Also, no penalties for late payment are imposed.
3. The discharged debts in bankruptcy do not get converted to any taxable income. However, it is normally not the same with other debt management programs.
4. Once you are in the Chapter 13 plan, all your creditors have to abide by the terms and conditions in it. They are not allowed to call you during this program. Your property also gets legal protection, and any action cannot be taken against you.
5. Under this program, your creditors will receive timely payments, consistently on a monthly basis. The ratio of debt to income tends to improve as well because you are not having to pay any interest fees and paying just the principal debt.
However, to be able to obtain all such advantages that the bankruptcy law offers, you need to seek help from reputable lawyers experienced in dealing with Chapter 13. Detroit is home to some of the most reputable law firms.
Chapter 13 Detroit – Do you want to file a bankruptcy case under Chapter 13? Detroit residents can trust Acclaim Legal Services, one of the best law firms in the city!