Bankruptcy is very tough to handle because it causes a tension and financial instability. The court will give you some needed space to clear all the pending debt, after which you should feel free to start a fresh life. All these things may look simple, but hiring a qualified bankruptcy lawyer will be of great value to you in such difficult circumstances.
There are different alternatives for settling debts of which you will have choose the best for your financial conditions and loan amounts. If you have a decent earning and just missed some installments, you can opt to go for a chapter 13 bankruptcy. However, with the complicated legal procedures involved when filing for a bankruptcy case, it is imperative you hire a reputable chapter 13 attorney in Lebanon to help you out. They will guide you from the start, helping you to handle it all easily.
There are many advantages of choosing a chapter 13 bankruptcy when you feel your debts are too much for you. First, you can start repaying the loan amount with new premiums and planning. The restructured loan repayment plan will be decided by the court and you must stick to it. However, you will need to hire a good chapter 13 bankruptcy lawyer to help you attain a generous and comfortable repayment plan owing to your earning potential and pending debts.
In most bankruptcy cases under chapter 13 proceedings, the court decides on a revised settlement plan which can be afforded by the person in debt. This allows the client to benefits from lower monthly installments with an increase in the loan period. These changes in the repayment plan will also lead to the reduction of interest rates to an optimum value that would be a great relief to you.
In order to be eligible for chapter 13 proceedings, you must have a good earning potential and be able to repay the revised installments. In addition, there should be solid support of assets and property which can be valued enough to repay the amount, if you fail to the debt repayment as per the revised plan. No doubt, the chapter 13 attorney in Lebanon will assist you in understanding all the legal formalities before opting for the restructured payment plan.
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