Filing for bankruptcy under Chapter 13 involves the reorganization of debts and assets. Unlike Chapter 7 where all assets are liquidated, Chapter 13 aims at a partial or full debt repayment. Under the guidance of a Chapter 13 bankruptcy attorney Milwaukee WI, a debtor can forestall any foreclosure proceedings. Modalities can be worked out where overdue mortgage payments are settled over a spread of time.
Chapter 13 bankruptcy attorney fee is usually higher in comparison to Chapter 7 fees. Chapter 13 assists people who are in employment repay their loans according to what they can afford. The amounts are set by the court through a hearing.
* This kind of bankruptcy takes an individual 3-5 years to complete a repayment plan fully. As a result you are allowed to gradually recover your footage. In the process, you get to re-organize your finances and live a debt free life. It gives an individual a lifeline. When a debt is restructured, payments are lower. This allows you to have some money to cater for basic needs.
* Finding a Chapter 13 bankruptcy attorney is not difficult these days. You can get one through an Internet search. Actually, you can identify several attorneys from which the best gets to represent you in a bankruptcy restructuring case. If you do not want to check via the internet, you can request the local bar association to provide you with a list of attorneys who are well versed with bankruptcy laws.
* As a starting point, know your financial position. Ask all your creditors to furnish you with a statement. Obtain statements for student loan, mortgage, medical, motor vehicle, credit card and any other. Be thorough in this and ensure that you do not leave out any debt. You should be very honest as giving false information constitutes an offence.
* Request your bank to give you a bank statement reflecting activity for the past 3 months. A Chapter 13 bankruptcy attorney can assist you with making formal requests to institutions where you had borrowed money. He or she can draft a standard letter detailing reasons for the information being sought.
* Your pay slips will also come in handy. Go over your files and retrieve pay slips going back a few months. These will be used as evidence of the kind of income you have every month. In case you do not keep such records, you could ask your human resource manager to provide you with carbon copies.
* Chapter 13 bankruptcy attorney Milwaukee WI is always at hand to assist people who are in dire straits. Being in crippling debt is the lowest anyone can go. At this point it means you have no other way out. You need a partner who understands bankruptcy.