If you are facing bankruptcy and need to know what steps you should take, a free consultation with a Chapter 13 law office will provide you with the right advice. A bankruptcy attorney Tacoma WA locale offers affordable payment plans and flat fees to all clients who are seeking the best legal solution for Chapter 13.
A Chapter 13 allows all your debt to be consolidated into a single payment plan of up to five years duration. All kinds of debt can be included with this plan, such as overdue mortgage repayments, taxes, car loans, and unpaid child support. All your creditors will receive prior notice, so there cannot be any dispute upon discharge later on.
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.
A 'meeting of creditors' occurs once a month, after you file. These hearings are normally attended by your trustee, your Chapter 13 Tacoma attorney, and you. You are usually required to agree with the trustee; however, on occasion, your attorney may represent you in court. He or she will also speak to your creditors, who do not attend the monthly meetings, about their concerns. Creditors may also file any objections in court.
A Chapter 13 can save you from a foreclosure. The plan requires that you pay back the overdue mortgage within five years. If you keep up to date with payments and the plan is compliant with the law, then your lender must accept the terms of your plan.
Call a Tacoma bankruptcy lawyer today for your free consultation about filing for a Chapter 13. The team will ensure you get the best legal advice possible, and will help you every step of the way.
A Chapter 13 allows all your debt to be consolidated into a single payment plan of up to five years duration. All kinds of debt can be included with this plan, such as overdue mortgage repayments, taxes, car loans, and unpaid child support. All your creditors will receive prior notice, so there cannot be any dispute upon discharge later on.
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.
A 'meeting of creditors' occurs once a month, after you file. These hearings are normally attended by your trustee, your Chapter 13 Tacoma attorney, and you. You are usually required to agree with the trustee; however, on occasion, your attorney may represent you in court. He or she will also speak to your creditors, who do not attend the monthly meetings, about their concerns. Creditors may also file any objections in court.
A Chapter 13 can save you from a foreclosure. The plan requires that you pay back the overdue mortgage within five years. If you keep up to date with payments and the plan is compliant with the law, then your lender must accept the terms of your plan.
Call a Tacoma bankruptcy lawyer today for your free consultation about filing for a Chapter 13. The team will ensure you get the best legal advice possible, and will help you every step of the way.
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