Chapter 13 Bankruptcy: Why It Is Beneficial & How Much Hiring A Lawyer For Assistance Costs
Are you thinking about filing for bankruptcy but don't want your credit to be affected? You can actually file for bankruptcy and work on your credit at the same time, but it is a good idea to hire a lawyer to help you with the process. Discover why you may benefit from filing Chapter 13 bankruptcy and what kind of legal fees you can expect to pay if a lawyer is hired to help you out.
What Makes Filing for Chapter 13 Bankruptcy Beneficial?
One of the great benefits of filing for Chapter is that you won't have to lose any of your assets when you file. Unlike Chapter 7 bankruptcy where some of your assets can be sold as a means to pay creditors off, you will be given the chance to pay off your debts within a set time. You will be given up to five years to pay your debts off, which can help you establish good credit during the process.
You can actually get approved for a home loan after filing for Chapter 13 bankruptcy, which is not likely for Chapter 7. However, applying for a home loan may require that you receive permission from a bankruptcy judge first. It will depend on what the laws are in the state you reside in and your financial situation.
Coming up with a court approved repayment plan is necessary for Chapter 13 bankruptcy approval. You will be required to pay back each creditor on a specific date. The great thing about it is that you can switch to Chapter 7 bankruptcy if your financial situation changes at any time during the repayment period. Hiring a lawyer is the best way to make the right decision about filing for bankruptcy, as he or she can tell walk you through the process.
How Much Does it Cost to Hire a Chapter 13 Bankruptcy Lawyer?
You can pay up to $3,500 plus for a lawyer to help you with filing Chapter 13 bankruptcy. The price will depend on the services you need, such as coming up with a good repayment plan, filling out paperwork and speaking for you in court about your financial situation. The lawyer can help the judge conclude that you should be approved for bankruptcy.
Don't allow your debt problems to keep you feeling depressed all of the time. Contact a Chapter 13 bankruptcy lawyer to come up with a solution to getting out of debt or contact a company like Morrison & Murff to ask questions.