No one likes to admit when he or she is in trouble financially. For some reason, we are all ashamed and embarrassed of our finances. When asked to list our debts out, many of us would cringe. Instead, we avoid the issue until it becomes so much of a problem that it takes over our lives and threatens our very well-being. That’s why hiring a Chapter 13 attorney in Fort Wayne, IN can be a great idea when your debt gets out of hand.
What Is Chapter 13?
Chapter 13 specifically helps those individuals or families who have been in bankruptcy court in the last eight years or who make higher than the median income set for families. Chapter 13 differs from other bankruptcy filings in that it helps those in debt pay back some of their debt without risk of losing their assets, particularly their homes. Each person can have up to five years to pay arrears. Those payments can be owed to child support and mortgages, among other creditors.
Why Hire a Chapter 13 Attorney?
A Chapter 13 attorney can look at what debts you have and help provide you with the guidance needed to get on top of payments. Do not be ashamed of these debts. In order to start fresh and make the necessary changes for your financial future, be sure to be up front with your attorney about exactly what you owe and to whom.
Avoiding Foreclosure
No one wants to lose his or her home. It can be a scary prospect, especially considering how much more difficult getting another home will be once you enter foreclosure on a property. Chapter 13 allows you to make payments in arrears for three to five years; sometimes these payments can be interest-free. Obviously, the payments still need to be made. However, having more time means that you can make a plan that best suits your needs. In addition, you may be able to find a solution to help you stay on top of current payments as well. If you struggle with debt and want to avoid foreclosure on your home, contact Fred Wehrwin, P.C. for a free consultation. You can also connect them on Facebook.
