How My Lawyer Can Help Me When I’m in Active Chapter 13

bankruptcy chapter 13Filing for bankruptcy or even contemplating the need to file has many implications for the individual filing. It has complicated paperwork and navigation of financial policies and obligations. The negative feelings come with asking for help or feeling like you are starting over somehow.

But you do not have to go at it alone. If you are considering filing for Chapter 13 bankruptcy near Mobile, call an AL Chapter 13 lawyer at the Loris Bankruptcy Law Firm and discover all the help and information you need.

What is Chapter 13 Bankruptcy?

Chapter 13 is a type of bankruptcy that will allow the possibility of retaining property—specifically your home, instead of liquidating all assets to settle the debt. Chapter 13 filers need a form of regular income, which is why this type of bankruptcy is also known as a “wage earner’s plan.”

Chapter 13 will allow an individual to file for bankruptcy and set a plan for repayment that will last from three to five years, depending on whether income is above or below the state’s median income. It forbids further attempts by debt collectors to start or continue collections and allows you to retain ownership of any property you might have.

Filing for Chapter 13 Bankruptcy

Chapter 13 acts similarly to debt consolidation but with stricter rules and regulations. When you decide to file for bankruptcy, there are numerous things that the court will require from you. Making sure you provide the appropriate forms, schedules, and proof to the court is when the help of Mobile AL Chapter 13 lawyers plays an important role.

There is a need to submit all sorts of paperwork in filing a petition with the bankruptcy court. It will include a schedule of your earnings and expenditures to the statement of finances and the proof of credit counseling attendance.

Bankruptcy Chapter 13 lawyers Mobile AL  will help ensure you have not missed anything necessary. 

What Does a Bankruptcy Lawyer Do?

When navigating the bankruptcy process, a lawyer can provide helpful, practical advice that removes some of the uncertainty. With all the complications and paperwork required, Mobile, AL Chapter 13 lawyers can guide you through the process and mitigate some of the worries. A bankruptcy attorney can help with:

  • Understanding the bankruptcy process
  • Deciding the type of bankruptcy to file
  • Which kinds of debts can you eliminate or reduce
  • What paperwork to file and where to file
  • Which court forms to complete
  • The types of personal property you can keep

Your lawyer can also help appoint an impartial trustee mandated by the court to oversee the entire affair. A Chapter 13 attorney Mobile AL can also provide a more successful outcome to the case as there is an increase in the success rate when filing for Chapter 13 when you have the help of an attorney.

The successful completion of the terms set out in bankruptcy court can lead to a favorable outcome for the petitioner. All the agreed-upon debts can have it removed as long as you follow the terms and conditions closely.

If you are in or around Mobile AL bankruptcy Chapter 13 lawyers are here for you. To get help with your case, call the Loris Bankruptcy Law Firm and speak with their office to find the right AL chapter 13 attorneys for all your questions and bankruptcy needs. Friendly and happy to help Loris Bankruptcy Law Firm is here for you.