Chapter 13 Bankruptcy Attorney in Grovetown
Chapter 13 bankruptcy is the chance that individuals get to come up with a payment plan to pay off their debts. This is better for individuals that have a stable regular income to catch up with payments they could not make due to any economic challenges. Chapter 13 is very different from chapter 7 because it gives you the opportunity of coming up with the payment plan and propose a repayment from three to five years.
This can be different for individuals in debt that their current monthly income is less than the state median income. Their payment plan will be for three years unless the court approves a longer period of time. However, if their income is greater than the median proposed by their state, they will be able to have it for five years.
If you are still not sure if filing for Chapter 13 bankruptcy is right for you, working with one of our lawyers over at Lee Ringler Law Offices to give you the best legal advice in Grovetown.
When To File For Chapter 13 Bankruptcy
Filing for chapter 13 bankruptcy may be the last option you have. However, it does not mean it will go terribly after it. Actually, once the petition has been accepted you will be able to enjoy some benefits such as:
- Chapter 13 Bankruptcy gives individuals an opportunity to avoid foreclosures. You must have to make all the payments but you will be able to avoid the bank taking your house.
- You will be able to plan out all your debt payments to what fits your budget.
- Chapter 13 is shown for credit reports for 7 years meanwhile, chapter 7 is shown for 10 years.
Getting in touch with a bankruptcy lawyer is the best option for you. If you are looking into working with a bankruptcy attorney, give us a call to Lee Ringer Law Offices to get the best help in Grovetown.