If Chapter 13 bankruptcy is the best option for you, the attorney will delineate the attorney fees, court costs, and other pertinent information. If gaining knowledge of these proceedings will aid your situation, you should do so.
Personal bankruptcy, whether under Chapter 7 or Chapter 13, automatically halts collection efforts. This means that creditors must cease all phone calls, letters, and other actions for the duration of the judge's order, which is typically three months. Examples of collection activities covered by an automatic stay include utility disconnection, vehicle repossession, and garnishments. In a Chapter 13 reorganization bankruptcy, a repayment plan is typically devised for any assets the debtor wishes to retain, such as a home or vehicle. However, certain rules must be followed when filing for bankruptcy.
A lawyer will advise you regarding specific bankruptcy and foreclosure laws. In general, however, filing for bankruptcy after the foreclosure process has begun will not stop the foreclosure, but may delay it. It is recommended that you file for bankruptcy to save your property before the mortgage company begins the foreclosure process. If you are behind on your mortgage, locate a lawyer who offers a free consultation to determine whether filing for bankruptcy would be beneficial. In a Chapter 13 bankruptcy, the attorney can also offer advice on how to retain your car by making manageable monthly payments.
How much does a bankruptcy therefore cost? The attorney's fees vary based on the specifics of your case. However, the expense is not comparable to what you will save if you are able to remain in your home and keep your vehicle. Surely, the monetary value of these assets exceeds the fees and judicial costs. Make an appointment for a free legal consultation with a bankruptcy attorney to help you get clear of your debts for good when filing for bankruptcy, and you can eliminate the guesswork from this important decision.
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