Chapter 13 Bankruptcy Explained.
Filing for bankruptcy is one of the most difficult decisions that you will have to make in your life. It is always best to consult with a professional Superstition Mountain bankruptcy lawyer who will help make the process easier to understand. This area of Arizona falls under the Phoenix metropolitan area and is one of the most beautiful in the country. Locals refer to this range of mountains as ‘The Supes’ and the surrounding towns of Apache Junction and Gold Canyon, Arizona often utilize this area as a retreat from the bustle of city life. Using one of the Superstition Mountain bankruptcy lawyers will enable to you to have legal advice from a professional, who knows the area, understands the local laws and who is able to advise you on which type of bankruptcy to file.
Who is eligible for a Chapter 13 bankruptcy?
All individuals, even they are self employed, are eligible to file for protection under a Chapter 13 bankruptcy. The main restraints of a Chapter 13 bankruptcy are that businesses and corporations are not allowed to file a bankruptcy under this Chapter of the law. The regulations governing a Chapter 13 bankruptcy are quite complicated so it might be wise to use the services of a Superstition Mountain bankruptcy lawyer before filing, as all of the paper work has to be prepared and submitted correctly, or you run the run the risk of being refused bankruptcy protection.
You will have to file your petition in the court that is closest to the area in which you live. As soon as you file your petition you will also have to file the following documents as supporting evidence in your bankruptcy: A list of all of your assets and liabilities and a list of all of your income and expenses at the present time. You are also required by law to file a certificate of debt counseling and a copy of your debt repayment plane which will have been decided upon during the counseling process. There is an overseer or trustee appointed by the court who will also need to see your last income tax return to ascertain the exact amount of your income and expenses. You will also have to pay a fee of about $300, depending on where you live.
While this information might sound daunting and seemingly impossible, you will be able to file everything quickly and efficiently if you make use of the services of a local Superstition Mountain bankruptcy lawyer. A Chapter 13 bankruptcy will allocate you a payment plan that must be paid during the five years immediately following the success of you bankruptcy filing.
The good news about filing for a Chapter 13 bankruptcy is that as soon as you have filed for bankruptcy, your creditors are required to stop all attempts at trying to collect money from you. They are also not allowed to apply for a judgment against you or to start any new legal action against you while you are under the protection of the bankruptcy order. Make sure that you file all of your papers in time to remain under the protection of the court. Filing this sort of bankruptcy does not exempt you from making any payments though. You will have a schedule of payments to make to your secured creditors, which are the creditors who manage you mortgage and your car financing, and you will have to honor them to the letter. If you miss a payment to your creditors then you may lose the protection of a Chapter 13 bankruptcy and you run the risk of having your creditors file a new action against you, which will mean new lawsuits and difficulties with the bankruptcy adjudicator.
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