Chapter 13 Bankruptcy: Why Should You Have an Attorney on Your Side
The option to file for bankruptcy should come after thoroughly considering all choices related to managing debts. If you are interested in this route, it is important to review all of the possible categories before starting the process. A bankruptcy law firm in Henrico Virginia is the resource you need to assist you in this matter. Henrico VA bankruptcy attorneys know all the legal components associated with the entire process and can give you the information you need. Many people choose to file Chapter 13 bankruptcy as a starting point for managing their debt. If this is how you’d like to proceed, a lawyer at Canfield Wells LLP can help you get started.
Chapter 13 Bankruptcy
Chapter 13 is a plan for those who are in debt to repay what is owed by making monthly payments on a three to five year basis. The creditors decide on a monthly payment amount based on the person’s income. In addition, creditors are not allowed to initiate collections while this plan is in effect.
In order to be granted Chapter 13 bankruptcy, a petition must be submitted to your local bankruptcy court. Henrico VA bankruptcy attorneys can determine if you’re eligible for this form of bankruptcy based on your personal information. The petition will include the necessary forms, supporting evidence, and applicable fees. It is best to hire a bankruptcy law firm in Henrico Virginia in this scenario because the governing laws are very specific and attempting this on your own can risk a denial of your case. Once all requirements have been fulfilled, your attorney will submit your request to the court for a final decision.
Filing for bankruptcy is complex and should be handled by an experienced professional. If you would like to learn about the possible options based on your personal background, contact Canfield Wells LLP for more information.