Chapter 13 of the bankruptcy law is a favorite section of the law for many homeowners, especially those facing a foreclosure. The reason for this adoration is that this chapter of the bankruptcy law has helped people save their homes from foreclosure and stopped the repossession of property. You can use this chapter to your advantage by hiring an attorney that understands it enough to take advantage of its provisions.
Chapter 13 Richmond is a plan to pay your debts. You can use it to combine your debts and have a strategy to repay them over a period of 3 to 5 years. One of the advantages of this chapter is that it can stop your creditors from coming to collect their debts from you. By order of the Federal Court, your creditors will have to follow the terms as laid out in your plan.
However, you must comply with certain requirements to qualify for chapter 13. You can take advantage of this chapter if you are working and your source of income is reliable. The source of income could include your retirement or disability income. The Bankruptcy Court demands that you honor this requirement in order to be able to pay your living expenditure per month as well as make regular payments to the trustee of your bankruptcy case.
Filing for chapter 13 Richmond can help you stop a foreclosure at any time as long as you do it before the foreclosure auction. This plan gives you ample time to pay your mortgage arrears without much pressure from your creditors, and it enables you to maintain your status in society.
This chapter does not exempt you from making your future mortgage payments expressly to your mortgage company. However, the company will have no right to foreclose to force you to pay outstanding mortgage payments.
Apart from saving your home, filing chapter 13 can help you save your car or any other valuable property from repossession. With the help of the provisions in this chapter, you can consolidate your past due payments and the arrears on your car loan. This will enable you to pay your entire debt over a period of 3 to 5 years. Incredibly, some smart attorneys can even help you reacquire your car after it has been repossessed by utilizing chapter 13 Richmond that allows you to consolidate the remainder of your balance into the plan.
To make matters even great, chapter 13 can provide protection to your cosigners against collection activity. This encourages more people to be cosigners. With such provisions in the law to back you against harassment from creditors, you can rest easy. You will have more time and pay your debts at your convenience. There is no need to fear creditors again.
To find a lawyer who knows how to take full advantage of the provisions in Chapter 13 of the bankruptcy law, visit Website Domain. The site also provides more information about this chapter.