Chapter 13 Bankruptcy Attorney
Under a Chapter 13 bankruptcy petition, the debtor repays creditors what they can afford, under what is called the “Plan.” Once the “Plan”is set up you make all the payments to a trustee. The “Plan” must be approved by the court at a confirmation hearing. The “Plan” is set up over a 3 to 5 year period. Our Beloit bankruptcy lawyers have structured many such bankruptcy plans and will insure your “Plan” fits your needs.
An advantage of Chapter 13 Petition over a Chapter 7 is that typically the debtor keeps all of his or her property. In addition, interest rates on certain loans can be reduced and the payment terms can be extended on certain types of loans. Our experienced bankruptcy lawyers will assist you through the challenges associated with a Chapter 13 bankruptcy.
Filing a Chapter 13 Bankruptcy
In order to file your Chapter 13 bankruptcy you will need an attorney to assist you in obtaining a Means Test. This test is to determine your eligibility for filing a Chapter 13 bankruptcy. This test will determine your income, expenses, ability to pay and the rate at which to repay the unsecured creditors. Consult with your Beloit bankruptcy attorney to see if you should file bankruptcy and if so, should you file a Chapter 13 bankruptcy or a Chapter 7 bankruptcy.
Finding the Right Beloit Bankruptcy Lawyer
Many issues contribute to making a determination as to whether you should file bankruptcy and if so, whether should you file a Chapter 13 bankruptcy or a Chapter 7 bankruptcy. Our team of experienced Beloit bankruptcy lawyers have been serving Rock County clients since 1893 and has helped countless families deal with their financial issues.
We will be around if future issues arise, unlike some other firms that have saturated the market with advertising and who may not be here in the future once the current debt crisis passes. For more information you can contact our office and set up a free consultation with one of our experienced bankruptcy attorneys to determine if a bankruptcy is right for you.