Chapter 13, a.k.a. ‘wage earner’s plan’ in the United States of Bankruptcy Code allows defaulters to propose a payment plan that would further enable them to give off their debts and also not sell any of their properties. Filing for Chapter 13 is one of the biggest financial decisions that further associate certain obligations and advantages. Chapter 13 bankruptcy lawyers are the only ones to find you a seamless way out of the situation. They first evaluate if you’re an eligible applicant to then help you avoid complications such as delays.
One totally has the right to do so without involving a lawyer, and if the case is uncomplicated and straightforward enough, you can save yourself the lawyer’s fees. This is, however, not a wise decision always. Let’s assume your Chapter 7 involves exorbitant assets, filing Chapter 13 without an attorney with such conditions will definitely cost you more than the fee.
Why Chapter 13 or Chapter 7 lawyers are worth the cost?
The major advantage of proceeding under the guidance of a professional attorney is that he or she will foresee if there are any potential hiccups that are likely to grow while you’re halfway through, thus plan accordingly. Below is a sample of the value, a professional bankruptcy lawyer brings to the table:
Bankruptcy planning
There are types of bankruptcy. You may not know which bankruptcy type you need to file for. Chapter 7 and Chapter 13 achieve a diverse goal, serving a totally different purpose. For example, Chapter 7 helps annihilate debts within a short window, but it does not help save your properties if you’re behind on your monthly payments. An attorney is supposed to consider your needs and constraints carefully and recommend an effective yet seamless bankruptcy filing plan, thus you can achieve your goals.
What does bankruptcy preparation involve?
Application of Means Test: This is to determine if you’re eligible for Chapter 7 bankruptcy or if you can afford Chapter 13 case. Your attorney will recognize any such special circumstance and figure out the best possible utilization of it.
Valuation of your assets: You don’t know how to value that 12 years old television set of yours or your dining room. However, an experienced attorney sure does. He or she will make sure that you divulge and value your properties persuasively.
Selection and application of exemptions: Each state in America nurtures a different exemption organism, utilized to keep an asset while in bankruptcy. An attorney knows exactly how to utilize that exemption rule, thus to protect a large portion of your properties.
Identify discharge of debts: There are certain debts that can never be wiped out in bankruptcy. Some head off only if the conditions are met. An attorney is capable of explaining which debts are likely to be discharged and which are potential to survive the case.
On top of everything, an attorney also helps you avoid bankruptcy fraud. Here’s how?
Little did you know that bankruptcy fraud is a grave crime in the United States of America. This happens to be a punishable crime by the both criminal penalties and civil penalties. If, while filing for Chapter 7/13, you don’t present all your properties, assets, fake records or information, or if you fail to fill out the bankruptcy form truthfully and completely, you are on the verge of committing a bankruptcy fraud.
An attorney will always make sure you aren’t at risk of committing any such fraud, thus avoid criminal/civil penalties. Being a professional bankruptcy attorney, he or she will always review your form and cross-verify each and every information you have given out in the form.
Chapter 7 and Chapter 13 attorneys at Recovery Law Group are easily reachable, despite being busy handling major cases from around the U.S.
Here you can schedule a free consultation with our bankruptcy lawyers https://bankruptcy.recoverylawgroup.com/ or Call us on 888-297-6203.