Filing for bankruptcy can be a daunting and overwhelming process. It's not something that anyone wants to go through, but sometimes, it becomes necessary in order to get back on track financially. While there are different types of bankruptcy, one option that may benefit individuals with a steady income is Chapter 13 bankruptcy. Maneuvering through this procedure can be intricate, underscoring the necessity of competent legal counsel. In this blog, we will discuss when hiring a Chapter 13 attorney may be necessary.

When You're Struggling with Debt

The first sign that you may need a Chapter 13 attorney is if you're struggling with debt. This could include credit card debt, medical bills, or other types of loans that you are unable to pay off. If your debts have become unmanageable and you're facing potential lawsuits or wage garnishment, it may be time to consider filing for Chapter 13 bankruptcy.

When You Have a Steady Income

Chapter 13 bankruptcy caters to individuals with a consistent income who struggle to manage their debts effectively. This means that you must have some form of income in order to qualify for this type of bankruptcy. If you have recently lost your job or do not have any source of income, then Chapter 7 bankruptcy may be a better option for you.

When You Want to Keep Your Assets

One significant advantage of pursuing Chapter 13 bankruptcy is the ability for individuals to retain their assets while also obtaining debt relief. This includes homes, cars, and other valuable possessions that would typically be liquidated in a Chapter 7 bankruptcy case. If keeping your assets is important to you, then hiring a Chapter 13 attorney can help ensure that you are able to do so.

When You Need Help Creating a Repayment Plan

One of the key components of Chapter 13 bankruptcy is creating a repayment plan that is approved by the court. This plan outlines how much you will pay your creditors each month and for how long. It's important to have an experienced attorney on your side to help negotiate and create a feasible repayment plan that works for both you and your creditors

Filing for Chapter 13 bankruptcy can be a complex process, but having the guidance of an experienced attorney can make all the difference in achieving financial stability. If you're struggling with debt, have a steady income, want to keep your assets, need help creating a repayment plan, or want to avoid foreclosure or repossession, it may be time to consider hiring a Chapter 13 attorney. They can guide you through the process and help ensure that you receive the best outcome possible. Remember, seeking help is not a sign of failure but rather a step towards regaining control of your financial future.

Contact an office like The Law Offices of Everett Cook, P.C. to learn more.