Why Chapter 13 May Be a Better Bankruptcy Choice
New replays top searched cash Advance Lenders, Best Debt, Non-secured Loans, Holiday Credit Card Debt, and Unsecured Debt Limit Chapter 13, Why Chapter 13 May Be a Better Bankruptcy Choice.
Most of the clients I meet with initially tell me that they want to file a #Chapter 7 #bankruptcy or else they won’t file. Chapter 7 Bankruptcy, is a four-month process where as a #Chapter 13 case can last from 36-60 months.
Many clients have a friend who has filed a Chapter 7 Bankruptcy and has started over quickly and the client wants to do the same. The problem is that not every person’s life and circumstances are the same. I have yet to meet a single client who has the identical situation that another client has.
A Chapter 13 Bankruptcy is a government-sponsored #debt #consolidation plan. Contrary to popular belief, most chapter 13 debtors do not have to pay their debts in full. In fact, a super majority do not. You make payments back to a chapter 13 trustee based on your ability to pay.
There are a few reasons why you should consider filing a Chapter 13 Bankruptcy vs. a Chapter 7.
REASON 1: INCOME
The truth is not every person can file a Chapter 7 Bankruptcy. The whole idea and policy behind bankruptcy are if you have the ability to make a payment to your creditors you should.
REASON 2: ASSETS
A Chapter 13 Trustee does not exercise control over the debtor’s assets in a Chapter 13 like a Chapter 7 trustee does. A Chapter 7 trustee has the right to SELL your property that that isn’t covered by your exemptions. If you want a 100% guarantee that you can keep your home and assets then you should take a closer look at Chapter 13.
REASON 3: MORTGAGE OR VEHICLE ARREARS
The call comes in…..the client is frantic…..”I have a foreclosure sale on my home on Tuesday and I can’t pay the mortgage company what do I do?”.
Or, the call comes in………”they repossessed my car, and I need it for work, what do I do?”.
If a Chapter 7 Bankruptcy is filed in either of these instances, relief is somewhat temporary. First, a foreclosure sale can be stopped by filing a Chapter 7 but the Chapter 7 Bankruptcy does nothing to cure the arrears and solve the underlying problem. The Chapter 7 Bankruptcy filing only provides a temporary solution. If a car is already repossessed, once the Chapter 7 is filed, the lender is barred from auctioning the vehicle off but we can’t force the creditor to return the vehicle.
However, in a Chapter 13 Bankruptcy, relief is more than temporary. Not only can filing Chapter 13 Bankruptcy stop a foreclosure sale, the plan provides a way in which the mortgage arrears can be paid back to the lender over the life of the plan.
With a vehicle, if the vehicle is already repossessed, the vehicle must be returned to the debtor and the vehicle loan is paid through the plan.
For more information about Chapter 13 Bankruptcy and its benefits over Chapter 7: https://georgiabankruptcylawgroup.com/what-is-chapter-13-bankruptcy/
Here are some common questions we hear about filing bankruptcy: 👇
⭐https://georgiabankruptcylawgroup.com/filing-bankruptcy-georgia-common-questions/⭐
Review some our recent case results👇
⭐https://georgiabankruptcylawgroup.com/award-winning-atlanta-bankruptcy-attorneys/⭐
📲For more information about Chapter 13 and Chapter 7 bankruptcy:
QUESTIONS ABOUT BANKRUPTCY? 👇👇Check out the links below 👇👇
📅 SCHEDULE A FREE PHONE/VIDEO CONFIDENTIAL CONSULTATION WITH A GEORGIA BANKRUPTCY LAWYER:
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Saedi Law Group are experienced Atlanta #bankruptcy #lawyers who have been helping Georgians file for bankruptcy for over 20 years.
➡️We have filed thousands of bankruptcy cases here in Georgia and are in court every day fighting for our client’s rights against creditors.
If you are currently struggling with overwhelming debt, or feel your financial situation will be severely stressed in the coming weeks, now is the best time to start looking at all options available to you.
Saedi Law Group offers a free, no obligation consultation with an experienced attorney (not a paralegal) who will review your specific situation and advise you about your options for moving forward.
Our team is passionate about our work and we take it very seriously. It is a privilege to help clients and their families in times like these.
Bankruptcy was created for this purpose.
➡️➡️Please contact us today at (404) 919-7296 or info@saedilawgroup.com to learn about what you can do to protect your future.
#bankruptcy #lawyer #attorney #Georgia #Atlanta #chapter13 #chapter7
Unsecured Debt Limit Chapter 13, Why Chapter 13 May Be a Better Bankruptcy Choice.
The Spiritual Aspects Of Living Debt Free
Debt issues are extremely common, therefore are insolvencies. That’s like a guaranteed 18% return on your cash. You can also discuss your specific chapter of bankruptcy alternatives with your attorney.
Why Chapter 13 May Be a Better Bankruptcy Choice, Watch popular full length videos about Unsecured Debt Limit Chapter 13.
Get Me Out Of Debt – Assist With Ending Up Being Complimentary Of Debt
Charge card combination is just the act of combining together all of your Revolving Debt. The outright best thing you can do to manage your Revolving Debt is to cut all of your credit card in half.
It’s a reality – good individuals have uncollectable bill. And lots of it – the typical American home brings about $8,000 in charge card debt alone. We hold a total of $1.9773 trillion (yes, that’s a trillion, a thousand billion!) of customer debt – $18,654 per home. And, 44% people spend more than we make. Big screen Televisions, the most recent in clothing and dinners out – 4.2 meals per week – assistance contribute to this debt. If you become part of the debt crowd, you might currently be wondering how to treat your financial obligation issue. What can you do to minimize financial obligation? I’ll show you three simple, yet effective, ways to start chipping away at those high balances – today.
If it is a Secured Debt, such as a home, residential or commercial property or vehicle , the item worth is held as collateral for the debt. The item can be taken by the lending institution and sold to satisfy the financial obligation if you die while money is still owed.
Borrowers with bad credit can likewise obtain these loans considering that there is a property connected to the loan. By getting rid of all the debts with the aid of the loans, customer can enhance the credit history.
Device a strategy: After producing your priority list it is time to develop a strategy to be Debt Free. The payment strategy must help you to settle the priority loans easily. So try to put all the additional money towards the payment of the loans. You can also make double payments to reduce the repayment quantity. In case of the other smaller loans you can make the minimum payments till you are ready to pay them off.
The next action in the financial obligation snowball technique requires you to know your income and other expenses. You need to understand just how much extra income you can pay towards the smallest debt. For example if you earn 2000 dollars a month, and without including your Revolving Debt you understand you owe 1200 dollars to other set monthly costs, gas, and groceries, then you have 600 dollars left over for the charge card. , if you have revolving credit financial obligations and the regular monthly minimum includes up to 400 dollars you have 200 dollars left over.. The 2 hundred dollars must be used to the most affordable financial obligation.
Percentage of loan balances to loan amounts is expensive – This indicates you are too near to your credit limitations. Keep each of your balances at less than 50% of your limits.
There is a substantial mistaken belief that credit is the only way to get the important things we desire and need out of life. Individuals are over spending and living beyond their ways. I’m not saying that you shouldn’t desire great things, however you shouldn’t offer your soul to get them. If you enable it to be, $10,000 in credit card debt might easily a 10-15 year obligation. I desire you to see in your mind’s eyeborrowing $100.00 but repaying $1000.00 sounds crazy right? Well that’s why you need a financial obligation free service.
The tension and worry will be gone, and you will seem like a brand-new person. You will not get there working one task and making a linear income. Then why do people select consolidation professionals to finish the job.
If you are searching updated and exciting comparisons related to Unsecured Debt Limit Chapter 13, and chapter 7 Bankruptcy, Warning Signs Of Debt Problems, Easy Debt Consolidations please subscribe for email subscription DB totally free.
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