If you need legal advice about filing for bankruptcy, the services of a law office can help you with a Chapter 13 solution. Your bankruptcy attorney Tacoma WA area offers a free consultation, with flat fees and payment plans that are affordable.
A Chapter 13 lets you rearrange all your outstanding debts into a single repayment plan of a maximum duration of five years. You can consolidate all types of debt, such as mortgage repayments, back child support, car loans, and taxes. To prevent your creditors from objecting to a discharge at the end of the plan term, they are given advance notice.
The first step is to file some documents; among these are a petition, and another that states your current financial situation, including all income, assets and debts. Then you offer your creditors a repayment plan for your debts, and have a trustee appointed to you. The trustee's job is to collect the payments and pay your creditors. If a creditor or your trustee does not agree to the plan, the dispute may have to be settled in court, where a judge will make a final decision.
There will be a 'meeting of creditors' held each month, which is usually attended by your trustee, you, and your Tacoma Chapter 13 attorney. Most of the time, you will need to comply with your trustee; however, your attorney may be required to argue your case in court. Creditors do not attend these meetings, and if they have an objection they will usually file it in court, or they may consult with your attorney directly.
Chapter 13 is a good legal solution if you want to stop a foreclosure, though you will need to pay back mortgage in arrears over a five year period. The lender must accept your bankruptcy, under the conditions that the payment plan is legal, you remain current with it, and that the mortgage will be up to date at the end of the five years.
A free consultation session with a Tacoma bankruptcy attorney about a Chapter 13 may be the best solution for your situation. Get the right advice from a team of legal professionals that are here to help you.
A Chapter 13 lets you rearrange all your outstanding debts into a single repayment plan of a maximum duration of five years. You can consolidate all types of debt, such as mortgage repayments, back child support, car loans, and taxes. To prevent your creditors from objecting to a discharge at the end of the plan term, they are given advance notice.
The first step is to file some documents; among these are a petition, and another that states your current financial situation, including all income, assets and debts. Then you offer your creditors a repayment plan for your debts, and have a trustee appointed to you. The trustee's job is to collect the payments and pay your creditors. If a creditor or your trustee does not agree to the plan, the dispute may have to be settled in court, where a judge will make a final decision.
There will be a 'meeting of creditors' held each month, which is usually attended by your trustee, you, and your Tacoma Chapter 13 attorney. Most of the time, you will need to comply with your trustee; however, your attorney may be required to argue your case in court. Creditors do not attend these meetings, and if they have an objection they will usually file it in court, or they may consult with your attorney directly.
Chapter 13 is a good legal solution if you want to stop a foreclosure, though you will need to pay back mortgage in arrears over a five year period. The lender must accept your bankruptcy, under the conditions that the payment plan is legal, you remain current with it, and that the mortgage will be up to date at the end of the five years.
A free consultation session with a Tacoma bankruptcy attorney about a Chapter 13 may be the best solution for your situation. Get the right advice from a team of legal professionals that are here to help you.
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