What You Need To Know About Your Fort Lauderdale Bankruptcy Lawyer

Your Fort Lauderdale bankruptcy lawyer has discussed your options with you and you're leaning towards Chapter 13 bankruptcy

. What exactly does that mean? Most people, if not all, who see a bankruptcy lawyer wish they didn't need to consider filing at all. Unfortunately though, many of us are in situations where we need to turn to a bankruptcy lawyer for advice and guidance because there just is no other way to solve the situation. There are different options for bankruptcy, including Chapter 13 bankruptcy, which is what we'll be focusing on within this article.

Chapter 13 bankruptcy means you pay off your debt on a type of payment plan that you and your bankruptcy lawyer develop together. If your bankruptcy lawyer has suggested you file for Chapter 13 bankruptcy, this means there's hope for you to actually pay off your debt obligations and save your credit more than if you filed for Chapter 7 bankruptcy. You and your bankruptcy lawyer will develop a repayment plan to share and discuss with your creditors.

Are you more than a couple of months past due on your mortgage, as well as other debt payments? A good bankruptcy lawyer will ask this question up front. If you're more than a payment or two behind, and at risk of foreclosure and repossession, then a Fort Lauderdale bankruptcy lawyer may agree that bankruptcy might be the right option for you.

Chapter 13 bankruptcy means you'll get to keep your home and assets. While you and your bankruptcy lawyer work out a repayment plan for your debts, you'll get to keep your assets. However, you do need to continue to make the payments on these assets throughout the bankruptcy proceedings.

Chapter 13 bankruptcy means debt collectors and creditors cannot continue or start any new collection efforts while you're in your repayment plan period. Your bankruptcy lawyer should be the first person you contact if this doesn't happen. Chapter 13 bankruptcy doesn't hurt your credit as bad as Chapter 7 does in most cases, but your credit will still take a hit. Your Fort Lauderdale bankruptcy lawyer should be able to walk you through rebuilding your credit score post bankruptcy.

Chapter 13 bankruptcy repayment plans can last anywhere from 36 months to 60 months, though most of the time, repayments are to be made and completed in full within the 36 month time frame. Your bankruptcy lawyer and you can work together with creditors to develop the best plan for you, but in most cases, your creditors will want the payments as soon as possible, and within 36 months.

Regardless of what you decide to do in way of filing for bankruptcy or not, you want to select the right bankruptcy lawyer to assist you in your decision, and if you do opt for bankruptcy, then you definitely want to have a bankruptcy attorney to be a partner with you along the way. Keep these items listed here in mind when going through the process of selecting the best Fort Lauderdale bankruptcy lawyer for you.

by: Mike Lewis.

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