Variation between Chapters 7 and 13
In order to qualify for Chapter 7 bankruptcy, an individual must meet certain criteria, and it is primarily for unemployed individuals. Chapter 13 is more appropriate for those with a steady income who are struggling to meet their financial obligations. In both situations, it is essential to hire a bankruptcy attorney because you must navigate the court system.
Eliminating Debt Via Bankruptcy
When most people hear the word bankruptcy, they instantly associate it with negative connotations. Others who have filed and gone through the process may claim that it saved their lives. The purpose of the bankruptcy procedure is to assist the debtor and allow them to resume normal life. The majority of banks will deduct a percentage of your salary to immediately begin paying off your debt. Thus, it cannot be spent after the check has been settled. A bankruptcy attorney is required because they have extensive training in this area and will guide you through the entire procedure.
Maintain Your House with Chapter 13
A benefit of Chapter 13 bankruptcy is that neither your residence nor your vehicle will be repossessed. You will still be able to reside in your home, but the bank will own it until the mortgage is paid off. A bankruptcy attorney will represent you in court and provide you with all the information you need to proceed. There is also the possibility that a mortgage could be wholly eliminated. A competent attorney will ensure you get the best possible bargain.
Why a Bankruptcy Attorney Is Necessary
In order to petition for bankruptcy, you are required to appear in court and present your case. The attorney knows all the intricacies of this type of situation and will give you a significant advantage in being accepted. They will explain how to eliminate your debt and guide you through the bankruptcy procedure. People with questions are encouraged to contact and speak with an attorney to determine if bankruptcy is the best course of action.""
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