If you are trying to understand the details of Chapter 13 in Flint region, you must know the basics. In short, Chapter 13 can be defined as a form of bankruptcy that helps individuals to pay their loans and debts in a manner when other repayment options don’t work. It helps individuals like you to make a fresh start with their finances. At the same time, it empowers the creditors to maximize the amounts receivable by them from you. Needless to mention, it’s beneficial to individuals and creditors alike.
The importance of Chapter 13 to Flint residents is same as to any other part of the country. When you file for bankruptcy under this system, you cannot do away from paying your debts. Instead, the repayment is supervised and managed under a bankruptcy court for the interest of the creditors and lenders, as well as, for the applicant under the current circumstances.
You need to have some sort of disposable income to file for bankruptcy. A written plan for payments is made between the debtor and various creditors for a specified period. The plan is generally made to last between three to five years, and the process of repayment starts anywhere between 30 and 45 days of the approval of the plan.
The payments to be paid to creditors under Chapter 13 in Flint are made to a trustee who takes the charge of distributing the same among various creditors. There are many legal ramifications involved in such a case, and therefore, you need to have an attorney with you all the while. He can help you with legal papers in the best way possible.
No matter whether Chapter 13 is availed, there are some associated advantages and disadvantages that cannot be ignored. On the flip side, such a repayment system will appear on your credit report for 7 years. The period is quite long for an individual as no credit can be availed from any corner. On the positive side, you will be able to stop foreclosures, which is a huge worry in bankruptcy. Also, you can pay lesser amounts that were actually due, and that can be a reason for relief.
The need of a dependable lawyer for chapter 13 bankruptcy cases is extremely important. Take time to evaluate the experiences and services of various legal firms. Bankruptcy under Chapter 13 in Flint may sound to be a viable idea, but taking legal help will enable you to understand the benefits that you can get. Your credit worthiness can still be under consideration in such cases, and therefore, right legal planning is essential. The planning under chapter 13 must be of long term nature.
Acclaim Legal Services is a legal firm dealing in bankruptcy cases under Chapter 13 in Flint. The company has a pool of lawyers and legal consultants who can offer personal help to every case. You may visit their website to know more about them: http://www.acclaimlegalservices.com/.