You are considering applying for bankruptcy in order to find your way out of heavy debts. You may have incurred hospital bills that you are not able to pay, or you may have other debts which have now gone to collection agencies. In order to make your payment manageable, you have decided that bankruptcy is the best solution, but are wondering whether you need to go to the expense of hiring an attorney to make the claim. In this blog, we’ll discuss how a chapter 13 bankruptcy lawyer in Orange County will make the process less painful for you.
Understanding a Chapter 13 Plan for Bankruptcy
This type of bankruptcy application is often known as a “wage-earners bankruptcy” or “plan.” This is because it allows the debtor, who has a regular wage, to create a repayment plan which covers part or all of the debt owed. With this chapter, you can suggest a repayment strategy which will put together an installment package, paid to your creditors in a period of up to five years. The plan must not be for more than five years, and there are specific restrictions on the type of payments your creditors will receive. However, most importantly, it prevents your creditors from continuing with any effort to collect the money owed.
Does This Require A Lawyer?
You may have seen some online advertisements which suggest that you can complete Chapter 13 by yourself, but this is not a good idea if you want to get a good payment plan from your creditors. As part of the agreement, you will have to negotiate with the trustees in order to build that payment plan, and if you have no legal experience it is all too easy to tie yourself into knots and find yourself deeper in debt because of it. This is why we think it is essential that you have a lawyer with you as your representative and guide.
Getting Your Chapter 13 Agreement
If you are looking for help from a chapter 13 bankruptcy lawyer in Orange County, talk to Karine Karadjian Law firm today about your requirements. We can assist you with any type of Chapter 13 negotiations or settlement plans, including deals with trustees and creditors. Contact us online with a message detailing the help you need, or ask for a free consultation appointment with our team by calling (323) 524-2123 today.