If you are considering filing for bankruptcy, it is critical to have the assistance of a reputable and experienced Phoenix bankruptcy attorney. Not only will they be able to assist you with the entire process, but they will also be able to provide you with valuable advice and information.
A seasoned bankruptcy lawyer will be able to provide you with information on how to file for bankruptcy, the various ways to pay back your debts, and the different types of bankruptcy available. They will also be able to help you determine if Chapter 13 is right for you. Visit https://www.phoenixfamilylawyers.net/chapter-13-bankruptcy-attorney/ for more details on this matter.
They will also be able to provide you with a free consultation and answer any questions that you might have. They will also be able to provide you a free estimate on how much your case may cost.
The Most Important Step in Filing Bankruptcy
Once you have decided to file for bankruptcy, the next step is submitting a repayment plan to your creditors. This plan will detail how you intend to pay off your debts over the course of three to five years.
In order to be approved, your plan must meet certain requirements under the Bankruptcy Code. This includes the amount of your income, your expenses, and how you will calculate your disposable income.
Your plan must be reviewed by the bankruptcy court, and your creditors can object to it if they believe that you are not following the rules set out in the Bankruptcy Code. If no objection is filed, the bankruptcy court will confirm your plan and you will be able to begin paying back your creditors.
A good Phoenix bankruptcy attorney will be able to help you make sure your debts are properly reorganized and that your payments will be reasonable. This will help you get out of debt faster and allow you to start building a new financial future.
During the three to five-year repayment period, you will be required to make your payments on time and in full. At the end of your plan, most or all of your unsecured debts may be discharged.
Unsecured debts include credit card balances, medical bills and personal loans. Secured debts include mortgages, auto loans and some student loans.
If you have secured debts, such as a mortgage or an auto loan, your bankruptcy lawyer will be able to advise you on the proper treatment of these claims. This will include whether you must pay the value of your collateral (a home mortgage or car loan) in full or only a portion of the debt, and what your monthly payment will be for these loans.
You can modify your payments in the Chapter 13 repayment plan if you find that your financial situation changes significantly during the term of your repayment plan. This can happen if you lose your job, have an accident, or become seriously ill.
If you need to change your plan, you will need to contact your lawyer as soon as possible. They will be able to explain the process and how it works, and they will also be able to provide you if you need to file an appeal with the bankruptcy court.