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  • Personal Bankruptcy Chapter 13

    Personal Bankruptcy Attorney – Chapter 13

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    Personal Bankruptcy Chapter 13 AttorneyBankruptcy protection is one of the most important laws in this country. Early on in America's history, our leaders realized that good people might end up in bad financial situations, and they believed that they should have a way out.

    If you are considering filing for bankruptcy protection, you probably have started looking into Chapter 13 bankruptcy as one potential option. Chapter 13 differs from Chapter 7 in some very important ways, and it's strongly advisable to consult with a qualified bankruptcy attorney before deciding on the best path for your unique situation. Below are some facts surrounding Chapter 13, in particular.

    Filing For Personal Bankruptcy Chapter 13

    Chapter 13 bankruptcy protection differs from Chapter 7 in some very important ways. A very basic way of understanding the difference between the two is to think of Chapter 7 as "dissolving" debt, and Chapter 13 as "reorganizing" or "consolidating" debt (keep in mind that this is a very simplified way of looking at it). Typically, Chapter 7 is better for someone who has lost their income and is in debt way over their head; Chapter 13, on the other hand, is better for those who still have an okay income, but who are drowning in too many (or too expensive) debts to stay afloat.

    When a debtor is under Chapter 13 bankruptcy protection, they have no contact with individual creditors. Instead, they essentially pay a fixed monthly payment to a Chapter 13 trustee, who doles out portions of that sum to the creditors. By consolidating all the borrower's debts into one manageable payment (usually for a period of 3 to 5 years), a debtor is given a fair chance to get back on their feet and under control.

    How Do I File Chapter 13 Bankruptcy?

    If you are thinking of filing for Chapter 13 bankruptcy, you should strongly consider consulting with a qualified and licensed bankruptcy attorney as soon as possible. There are a lot of factors that go into Chapter 13 bankruptcy eligibility, such as your monthly income, the nature of your expenses, and the type of debt you have. These variables can not be easily understood by the average layperson who is not a bankruptcy attorney.

    Declaring Chapter 13 bankruptcy is hardly automatic — a court has to find that you are eligible for this chapter's protections, and then grant you the protection. That means that your financial case needs to be presented in such a way that the court looks favorably on a potential Chapter 13 filing for you. A good Chapter 13 bankruptcy lawyer will be able to maximize your chances of being granted a Chapter 13 filing.

    Who Can File For Chapter 13 Bankruptcy?

    Not everyone is eligible to receive Chapter 13 bankruptcy protection. Perhaps somewhat ironically, you must show the bankruptcy judge that you make enough money per month in order to qualify. This means that your disposable income must be high enough to afford your repayment figure — otherwise, it does not make sense to offer you protection under Chapter 13.

    Additionally, your secured debts cannot be greater than $1,184,200 (as of April 2016), or Chapter 13 will not be possible for you. Secured debts are debts that have physical collateral involved, such as a house or a boat.

    Of course, there are other factors that figure into your Chapter 13 eligibility, such as the status of your recent income tax returns and other financial reporting. You will need to carefully go over your unique individual situation with a bankruptcy attorney in order to truly determine whether you are, in fact, eligible.

    Personal Bankruptcy Attorney

    At JT Legal Group, our bankruptcy law attorney fees are competitive and affordable when considering the top-notch representation you will receive from our veteran legal team. We believe that Chapter 13 bankruptcy attorney fees should be fair and reasonable for our clients. JT Legal Group has been representing individuals in matters revolving around their property or finances for years. We fight for consumer rights and use our extensive knowledge of the law to help you get back on your feet and focusing on what matters.

    Meet Your Attorney

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    Michael Avanesian

    Michael Avanesian specializes in the field of corporate restructuring and litigation. Mr. Avanesian has a wide range of experience in Chapter 11 bankruptcy cases and has represented corporate and individual debtors, secured creditors, unsecured creditors, lessors, lessees, trustees and other interested parties in bankruptcy cases and related litigation.

    Set Up FREE Chapter 13 Bankruptcy Consultation

    The Chapter 13 bankruptcy attorneys at JT Legal Group care about representing the rights of debtors. Call today to get a free 15 minute consultation and see if Chapter 13 can work for you.