People dealing with massive debts are often looking for expert advice, enabling them to make a smart decision and restore their financial balance without experiencing significant losses. Unfortunately, those who seek guidance in a very advanced stage of their financial distress often discover that filing for bankruptcy is the only option at hand.
What does this mean, and what kind of consequences does this process involve? How could one possibly find the best bankruptcy lawyer in record time? Keep reading to analyze the Chapter 13 bankruptcy definition, and ask for legal help today to understand the particularities of your unique situation while implementing a debt-relief plan designed to work to your advantage.
Chapter 13 bankruptcy definition
What does the much-feared Chapter 13 bankruptcy definition actually involve? Chapter 13 has become a relatively common term used to describe the reorganization of the debtors’ finances, dictated and closely supervised by the court.
The main goal of this bankruptcy proceeding is to force the debtor to implement and follow a strict plan in order to erase his/her debts and repay all creditors within a well-determined period of time (3 to 5 years). The repayment plan should include a considerable payback to all creditors, even though it might require the entire income of the debtor until the whole debt is erased.
Things that you should know about Chapter 13 bankruptcy
Filing for bankruptcy is definitely not the most satisfying decision one could ever make. However, for those with substantial debt, Chapter 13 bankruptcy can still be a valid, beneficial alternative worth considering, since it is less complicated and expensive than the complex debt restructuring process reflected by Chapter 11 bankruptcy, plus it does not involve outright foreclosure described by Chapter 7 bankruptcy.
Chapter 13 bankruptcy is a great method of preventing shameful, stressful foreclosure problems, enabling people with massive debt to follow a strict plan to regain their financial freedom.
Ask an expert
Are you having a hard time trying to understand the Chapter 13 bankruptcy definition? Are you worried about the ways in which bankruptcy could impact your whole life? Don’t waste any more time and contact a great lawyer, specialized in solving bankruptcy problems. Find real pros with help from TalkLocal, your free, unbiased, trustworthy source of information designed to simplify your daily life, by putting you in contact with some of the most dependable professionals in your area.
