Bankruptcy law involves a legal procedure that allows a person, who is unable to clear his debts, to get pay his creditors through proper distribution of his non-exempt assets. A major aim of bankruptcy cases is to discharge a debtor from all the possible financial compulsions.
Bankruptcy allows a debtor to choose from several options. One can choose an appropriate option a file a bankruptcy case under that. The two most popular options of bankruptcy are Chapter 7 and Chapter 13. This article would deal with the advantages of filing a case under Chapter 13. Let us take a look.
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Protection from creditors - Once a debtor has applied for a Chapter 13 bankruptcy, he will be provided protection from the debt collection agencies and the creditors. This implies that it is against the law to contact a debtor and harass him for clearance of debts after he has been approved a Chapter 13 appeal.
Freedom from debts - This bankruptcy option clears almost all the types of unsecured debt. However, secured debts cannot be eliminated unless there is a reclamation deficiency.
Debt restructuring - The most important feature of Chapter 13 code of bankruptcy is that it allows restructuring of debts. Thus, a debtor, who has been struggling with financial problems for a long time, can get some relief.
Elimination of foreclosure - Another major advantage of chapter 13 code of bankruptcy is that it rules out all the chances of a foreclosure. A debtor would be required to present a repayment plan that would be sent to the court for approval.
Evidently, filing a bankruptcy case has its own complications and is not an easy task to deal without expert support. Hiring a bankruptcy lawyer can solve such issues as he is the right person to consult. While you start look for a bankruptcy lawyer, you must take care of a few points.
1. Qualifications determine how talented a lawyer is. You must go through the certifications of a lawyer before hiring him.
2. Experience is an important criterion when it comes to choosing a good lawyer. An experienced lawyer is usually well acquainted with all the important details of a lawsuit. Also, an experienced lawyer has strong contacts with higher legal officials.
3. Referrals help in finding quite a few eminent lawyers. Ask your relatives, friends and acquaintances for contact information of reputed lawyers.
It is necessary to do a little research before choosing a bankruptcy lawyer. Rock Island County citizens can seek professional legal services from Bukrop and VanDeVelde.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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