Bankruptcy is only useful if it can discharge your most bothersome debts before creditors acquire your property to recover their money. Therefore, you may want to do everything right when filing your application to get financial relief when you need it the most. An experienced bankruptcy lawyer can guide you through the Chapter 13 application process, ensuring that you meet all the requirements. They will not want you to do anything that could lead to the disapproval of your application. Therefore, your legal advisor will take the following measures to help you prepare for the filing of bankruptcy under Chapter 13.
They Will Confirm That Chapter 13 Is The Right Choice
Your lawyer will start by evaluating your financial situation to determine whether Chapter 13 is the right choice. They will want to be sure that the bankruptcy you choose will discharge your debts so that you can get the financial relief you're looking for. Your legal advisor will also not want your application to fail to solve your financial problems because of picking the wrong chapter. Therefore, they will take you through different chapters and explain how each type may solve your problem. Then after evaluating your problem, your lawyer will confirm why Chapter 13 would be the right choice and give you the go-ahead to start the application process.
They Will Help You Prepare an Installment Plan
Chapter 13 differs in many ways from other bankruptcy types. For instance, you must have a realistic plan indicating how you will clear your debts. The court will want to ensure that you'll be able to comfortably repay some of your debts in full within the repayment period ruled by the court. Therefore, there is a high possibility that your application will not go through if you have too many debts. Your lawyer will help you to prepare a practical installment plan to convince the court that you'll be able to clear your debts before the agreed repayment period ends. Therefore, they will compare your debts with your income to know whether for sure you can afford the agreed monthly payment plan. Your lawyer will then help you prepare a proposal that indicates how you will comfortably repay your debts.
They Will Help You Fill Out Application Documents
Courts disqualify all applicants who do not provide the required information. They also decline applications that do not have real personal details. Your lawyer will guide you when filling out the application documents, ensuring that you provide all the essential information. That includes your financial data, your total debts, and a list of your assets.
A failed bankruptcy application may put you at risk of losing your assets to creditors, causing more financial stress. Therefore, you may want to take the right measures to make your application successful. Working with an attorney will boost your success chances. They will help you prepare for your application, convincing the court that you're a Chapter 13 bankruptcy candidate.