A Chapter 13 Bankruptcy Lawyer in Valdosta provides amble information related to debt-relief choices. These details will enable you to choose the most adequate options for your financial circumstances. This specific chapter gives you the choice to reorganize your debts into a consolidated payment plan. All debts that are not discharged are included in the bankruptcy claim to secure the debt. Your creditors, however, must approve inclusion during a hearing before the judge can allow the debts into the claim.
The Initial Process
You will provide your attorney with a list of all debts. This list will include the creditor’s name along with the most-recent balance. He or she will examine this list and inform you of which debts are eligible for discharge. Typically, all of your credit card debts are discharged. Some non-government loans are eligible as well. This may include loans secured for your education. However, the ultimate decision as to what is discharged is entirely up to the judge presiding over your case.
Once your attorney has prepared your bankruptcy claim, he or she will submit it to the court. It is probable that your attorney may secure lower settlement amounts by negotiating with your creditors. He or she will secure these lower amounts before submitting the bankruptcy claim. This will present you with a lower overall debt amount and may lesser the duration of your bankruptcy.
Organization of Your Debts
In your bankruptcy claim, your debts are arranged into a schedule. As you pay your monthly payments, you are paying off one debt at a time essentially. Once the debt is paid in full it is discharged from the bankruptcy claim. In most cases, the debt is removed from your credit history or reported as paid off. This will ultimately increase your credit rating. However, you must realize that your bankruptcy will appear on your credit history for up to ten years.
A chapter 13 bankruptcy will enable you to achieve debt-relief by reorganizing your debts. A Chapter 13 Bankruptcy Lawyer in Valdosta will walk you through this process to ensure that your interests are secured. He or she will explain the benefits and repercussions of filing a bankruptcy claim. Click here at https://charlesfarrelllaw.com/ for more information.