When to Hire a Chapter 13 Bankruptcy Attorney in Phoenix

When to Hire a Chapter 13 Bankruptcy Attorney

in Phoenix http://bwgbankruptcyattorneys.com/chapter-13/

Chapter 13 Bankruptcy is used by individuals to adjust payments to creditors. Incorporated businesses cannot file Chapter 13. Your Chapter 13 Bankruptcy attorney in Phoenix can provide with other options for businesses. Chapter 13 filing lasts for several years.

Many reasons a debtor files under Chapter 13 include: the need for bankruptcy relief without qualifying for chapter 7; falling behind on mortgage payments and wanting to become current; wishing to keep an asset they would otherwise have to liquidate (sell); or wants a debt discharged which cannot be discharged by a chapter 7 filing.

Your Chapter 13 Bankruptcy attorney in Phoenix can help you file your claim and plot out your plan of repayment. This is similar to Chapter 11 when the debtor has to determine how they will pay back their creditors. This plan must meet requirements to satisfy the Bankruptcy Code. A Chapter 13 Bankruptcy lawyer in Phoenix can help determine what requirements are necessary. In Chapter 13 a trustee is appointed to review the debtor’s plan and make sure it meets these requirements. If this is the case the trustee recommends approval of the plan. The automatic stay is in place with Chapter 13 which prevents creditors from collecting in any other fashion.

A Chapter 13 Bankruptcy attorney in Phoenix can help you through the complicated process of filing. You can better understand the requirements with the guidance of a bankruptcy lawyer in Phoenix. There are also obligations which must be undertaken as well as the benefits of filing for Chapter 13. Chapter 13 bankruptcy is a last ditch option when the debtor would not benefit from filing Chapter 7 or Chapter 11. Businesses cannot file for Chapter 13 unless they are sole proprietorship and the individual is filing for Chapter 13 personally. If you want to catch

up on missed mortgage payments Chapter 13 is the way to go.

A Chapter 13 Bankruptcy attorney in Phoenix is necessary to work with their debtor clients closely to develop a Chapter 13 plan which works for everyone. They have the knowledge and experience which will benefit the client and help them prepare for any instances that may arise. To be prepared for the worst, the attorney will give you all the tools you need to handle the paperwork and filing. You will need to know the basics behind what you are trying to accomplish. Each case is different, but an attorney can help.