The bankruptcy code is divided into several different chapters, and each chapter has a series of sections. The different chapters define what kind of person or business is eligible for the different kinds of bankruptcy, as well as how that bankruptcy is negotiated. To properly negotiate the bankruptcy, you need to make sure you have a good attorney. If you’re filing for chapter 13 bankruptcy, you need a chapter 13 attorney to help you. Chapter 13 is often what is known as “debt refinancing” offered by debt relief experts.
A chapter 13 attorney in New Haven, IN will help you file for chapter 13 bankruptcy. Chapter 13 is individual bankruptcy or “wage earner’s” bankruptcy. It is not the type of bankruptcy in which your assets are sold. Instead, a court will assess your earnings, and estimate how much you are capable of paying. You will then work with the court and your creditors to figure out the proper repayment plan. Your debts will be oftessn be organized into more orderly sums of money.
Depending on how much money you owe and how much money you make, your debts will be reorganized into a three or a five-year repayment plan. A specialist such as Fred Wehrwin, P.C. can help you determine how much you are eligible for.
Who Is it For?
A chapter 13 attorney can help individuals file for bankruptcy. In some cases, if you have a small business that is a sole proprietorship, you might be eligible for chapter 13 as well. It is specifically for people who do not have business assets to sell. Reorganizing the finances will make them easier to pay and also help you keep track of them better. The creditors will be pleased because they know when they will be repaid. It’s an orderly way to get out from under your debts. You can also connect them on Facebook.