Can a Chapter 13 Bankruptcy Attorney Help Me Keep My Assets?

One of the main concerns individuals have regarding their Chapter 13 Bankruptcy filing is whether they will be able to keep any of their assets upon the conclusion of their case. Your assets can be anything from your home to your car. 

When individuals fail to make payments such as credit card or mortgage payments, they are at risk of having their property repossessed by creditors. When individuals are in “default” on loans they are usually called frequently by bill collectors who demand payment. With a Chapter 13 Bankruptcy Attorney’s help, bill collectors can be prevented from calling the client, and in most cases home foreclosures can be halted and even prevented. 

Chapter 13 Bankruptcy Lawyers can help their clients keep their property by working with creditors to establish payment plans. These plan range from a few years to no more than 60 months, and allow a client with an income to pay off debts over time. A person who is in default with their mortgage is allowed to pay up or “cure” this default over the repayment period, however the full outstanding mortgage balance will still need to be repaid.

In addition to helping you preserve your assets, Chapter 13 Bankruptcy Attorneys can also help negotiate with creditors to ensure your monthly payments during the repayment period are as low as possible. These attorneys are skilled negotiators, and have knowledge regarding the minimum certain creditors will accept as repayment.

How much does a Chapter 13 Bankruptcy Attorney cost?

A Chapter 13 Bankruptcy Attorney’s fees vary depending on many factors including your geographical location and complexity of your case. Chapter 13 bankruptcy lawyers’ fees include the work they will do representing you for the 3 to 5 years of the repayment plan. Fortunately, it is common for these attorneys to offer payment plans and often their fees can be placed within the bankruptcy repayment plan.

Will my Chapter 13 Bankruptcy case be stronger if I use a lawyer?

Simply put, yes. Chapter 13 Bankruptcy laws are complex and one wrong move could mean the difference between a successful case and one that is not. Chapter 13 cases deal with repayment plans, income sources permitted to be used in repayment plan calculations and 3 to 5 years of management of the repayment plan. People and attorneys who are not experienced with Chapter 13 bankruptcy filings should not attempt this type of case alone.

Learn more about Chapter 13 Bankruptcy Law.

How will a lawyer help with my Chapter 13 Bankruptcy?

A skilled Chapter 13 bankruptcy lawyer will be able to help you:

  • Determine whether a Chapter 13 Bankruptcy is right for your specific financial situation;
  • Understand the pros and cons of filing a Chapter 13 case;
  • Organize your Chapter 13 repayment plan;
  • Determine income sources and liabilities;
  • Successfully file and achieve your goals under a Chapter 13 bankruptcy.

Do I need an attorney to file for Chapter 13 Bankruptcy?

While an attorney is not required to file for Chapter 13 Bankruptcy, it is strongly encouraged that you retain a qualified bankruptcy lawyer to help you through the process. A lawyer will be there to help answer questions such as whether or not you qualify for Chapter 13 and exactly what your financial obligations will be after your Chapter 13 Bankruptcy has concluded.

Finally, filing bankruptcy is a complex process. One wrong move can affect your chances of successfully achieving your financial goals.

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