Essential Information About Chapter 13 Bankruptcy Colorado Springs
Bankruptcy is a legal procedure where people and companies can eliminate and reorganize their debts. Before you apply for bankruptcy, it is important you first determine which form of bankruptcy will work well with your current situation. There are many chapters available within the US bankruptcy code. If you are overburdened by debt, and also struggling to keep your house or vehicle, filing for Chapter 13 Bankruptcy Colorado Springs will help to save your own home by foreclosure.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a part of the US bankruptcy code which is governed under federal law, not state law. Under chapter 13 bankruptcy, a debtor is required to pay back some or all of the debts that they owe to the creditors through a consolidation repayment timetable designed by the court. The structured repayment plan is created depending on factors such as your income, vehicle loan, home loan, credit card loan and living expenses. Chapter 13 bankruptcy is generally available for individuals who have standard salaries.
Why You Should Hire a Chapter 13 Bankruptcy Lawyer
It is important to hire the services of a qualified chapter 13 bankruptcy lawyer when filing your case. There are many complex legal procedures involved when filing for bankruptcy case. Your lawyer will help you handle all the paperwork and documentation involved in the filing process. They will ensure all the filing rules and regulations are followed, and that all the necessary documents are forwarded to the right authorities.
Apart from filing your case, the lawyer will offer you a good court representation. First, the lawyer will help you prepare your case. They will help you design a good repayment plan that will work well with your monthly budget. The lawyer will then help you defend your plan before the court of law. Your lawyer is aware of all the tricks and tactics to help you get the most favorable outcome.
There are many other benefits you can derive by hiring the services of a good lawyer to help you fight for your Chapter 13 Bankruptcy Colorado Springs. Contact David M. Koppa for more information about chapter 13 bankruptcy, and why it is essential to hire a qualified lawyer to help you handle the whole bankruptcy process.