The Basics of Working with a Chapter 13 Bankruptcy Attorney in FlorissantComments Off on The Basics of Working with a Chapter 13 Bankruptcy Attorney in Florissant
Everyone experiences financial challenges from time to time, however, sometimes they can be severe enough to warrant bankruptcy. But how do you know which type of bankruptcy is right for you and your situation? How do you go about filing? Dealing with bankruptcy is difficult enough; don’t make it harder by not working with professional legal counsel. Read on to learn more about the basics of working with a Chapter 13 bankruptcy attorney in Florissant.
Chapter 13 bankruptcy is also known as a wage earner’s plan. This type of bankruptcy enables individuals with regular income to form a debt repayment plan. By working with legal counsel, individuals can work with and negotiate with creditors to form installment and repayment plans to take care of an individual’s debt.
Advantages of Chapter 13 Bankruptcy
There are a number of advantages in choosing chapter 13 bankruptcy rather than liquidating assets under chapter 7, but it’s important to understand the eligibility requirements as well as other nuances. Most importantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter with an attorney, individuals might be able to stop the foreclosure process and can involve forming a repayment plan for back owed or delinquent mortgage payments.
Chapter 13 Eligibility
Regardless of whether an individual is self-employed or operating an unincorporated business, he or she is eligible for chapter 13 bankruptcy as long as the individual’s unsecured debts are under $400,000, and secured debts are less than $1,149,525.
For more information on how a bankruptcy attorney can help you in your financial situation, contact the legal team at Teague & Associates today. Call Teague & Associates at (314)899-4499 or chat with us online now to find out how we can offer you the best possible legal solutions. Call us today to speak with a Chapter 13 Bankruptcy Attorney in Florissant.