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Chapter 13 Basics
When your financial situation becomes hard to manage with over burdening debts and liquidation issues, the best way out is to file for bankruptcy. Bankruptcy is a described a legal financial solution that clears all your debts and restructures all your finances. The key purpose of bankruptcy is to eliminate all debts and allow individuals/firms to manage their finances more appropriately. Bankruptcy lawyers are skilled professionals who work to assist people seeking bankruptcy. There are three main areas of bankruptcy, chapter7, chapter 11, and chapter 13. If we take a look at chapter 13 of bankruptcy, it deals specifically with debt adjustment of an individual with regular income.
Chapter 13 basics lawyers can help you understand the consequences and suitability of this chapter. Not everyone is eligible to file for bankruptcy under this chapter, there are certain requirements that one must fulfill in order to file a case. Major requirements include disposable income, debts below $360,000, and secure debts below $1,081,400. Chapter 13 is aimed at helping individuals by reorganizing their debt. A bankruptcy lawyer can help you make sure you have all the necessary paperwork and documentation complete. They not only can prepare your documentation, but also guide your through the bankruptcy process. With bankruptcy, you can begin a new financial phase free from all debt and liabilities. Many law firms have been set up to cater to legal needs arising in the area of bankruptcy law. Bankruptcy cases can only be filed in a bankruptcy court under certain guidelines. Make sure you are not alone when taking such a decision.