Why You Should Consider Filing Chapter 13 Bankruptcy in Atlanta Explained By An Atlanta Bankruptcy Attorney
There are two types of consumer bankruptcy you can file in Atlanta - Chapter 7 and Chapter 13. You likely know that the main benefit of filing for Chapter 7 is your credit card and unsecured debt goes away. A closer look at Chapter 13 may reveal it as a better option for your situation.
Take a look at the following 12 reasons that you should think about filing Chapter 13 in Atlanta:
1. If you have fallen behind on your mortgage payments and are facing foreclosure, you can include your past due payments in the plan and save your house from foreclosure. This way you have the whole length of the plan to make these payments, get caught up and save your house.
2. Flexibility - You can dismiss the case at any time or convert it to a Chapter 7. Moreover, you can modify the payment plan if you have a change in income or decide to give up a house or car. You are also allowed to refinance or sell your house during the time of your plan.
3. You can challenge the costs added to your mortgage by the lender.
4. You can use the Chapter 13 to remove an 'unsecured' second mortgage from your home.
5. Trustees want you to succeed, so they will cooperate with you.
6. Some debts that you cannot include in Chapter 7, such as divorce payments, can be included in Chapter 13.
7. You don't have to pay your attorney's fees up front; you can pay them over time.
8. You can avoid having to reaffirm a car in order to keep it.
9. You will have up to 5 years to get caught up on past due taxes or child support/alimony obligations.
10. You can extend your payments for a car or other secured debt.
11. Regardless of whether or not your property is exempt, you will not lose any of it.
12. The United States Trustee cannot challenge your Chapter 13 case based on your income, like they can in a Chapter 7.
The idea of filing for bankruptcy for many people still carries a stigma of failure. But the truth is declaring bankruptcy gives you a chance to start over and make a fresh start. It's important to speak with a qualified Atlanta Bankruptcy Lawyer before you file so he can advise you on whether to file Chapter 7 or Chapter 13. You will likely have a lot of questions about how filing bankruptcy will affect you, your livelihood and your future. Be sure to find Atlanta Bankruptcy Attorney who focuses on bankruptcy law so he can answer all your questions.Bankruptcy Attorney in Atlanta,Bankruptcy Lawyer in Atlanta