Things To Know On Chapter 13 Bankruptcy In Wetumpka, AL
There are many different stages of bankruptcy. Being a resident of Wetumpka, AL, you might not be aware of the different chapters of bankruptcy. Well, among the chapter 7 and chapter 13, chapter 13 bankruptcy is something that you must definitely know. This knowledge will surely help you in the future, not only to know about the exact way of filing bankruptcy case, but also to get relief from the debt situation. There are plenty of different sources from where you will be able to acquire knowledge on it. Make sure that you gather the correct information, so that you are highly successful.
Most Commonly Used Chapter
Chapter 13 is the most commonly used bankruptcy chapter that people use for filing and getting rid of debts. Well, this is a chapter that does not involve any form of liquidation, which is generally associated with that of chapter 7. When you file case with such a chapter, you can be assured that you will be able to keep your entire properties, as long as your plan goes well in accordance with the processes of law. However, this is a complicated process, and might take some time for you to understand the entire process.
Taking The Help Of An Attorney
If you think that it will not be possible for you to understand the entire complication of chapter 13 bankruptcy, it is a good idea to take the help of an attorney in Wetumpka, AL. This will surely be of great help to you. However, one of the most important things that you should always remember is that you will require higher expenditure in this case, because the processes involved in it is quite complicated. Thus, it is natural that the attorney will have to give lots of effort for which the charges charged are also higher.
Requirements Of Plans
In order to be confirmed by the court, there are several plan requirements that you will have to make. Try to propose the plan in good faith, which means that being a debtor; you should make the court understand that you will follow the plan completely without misrepresenting the finance. In addition to that, you should also remember that the plan is made in such a manner, so that it also represents the interests of the creditors. You will have to pay at least something to the unsecured creditors compared to that of your income, as a whole.
Know The Restrictions
Before filing for chapter 13 bankruptcy in Wetumpka, AL, there are some restrictions that you need to know. If you follow these restrictions, things will become easier for you. These restrictions are not present in chapter 7, and therefore, you must not overlook in chapter 13. A debtor must always continue to make the monthly payment, as per the plan. However, a substantial debt must not be incurred without the permission of the court. The insurance of any kind of collateral should also be maintained. If you follow these restrictions, you will be surely successful.