When a person ends up with a mountain of debt, it often leaves them feeling overwhelmed and as if there is no hope in sight. If a person is having trouble meeting minimum payment requirements it may be time to talk to a Chapter 13 Bankruptcy Lawyer in Waldorf, MD, as they will be able to help determine the scope of a person’s financial situation and take steps to help them obtain relief. The following is an overview of what the process entails and what a client should expect when meeting with an attorney.
Initial Documents and Debt Disclosure
To start the process of bankruptcy, an attorney must have access to a variety of documents, which usually includes a person’s six most recent paystubs, two forms of identification, deed information related to any owned property, and any credit card or loan statements. Once this information is gathered, they will be able to determine if a person qualifies for this form of bankruptcy, and will file the required forms with the local court system.
Repayment Plan Options
After a person has been deemed eligible, the any will then begin the process of developing a repayment plan with a person’s creditors. In most instances, a person’s entire debt portfolio will be lumped into one loan, which allows them to make one payment each month. Typically, loans of this nature do not accrue interest which is what allows a person to get out of debt quickly.
Court Decision
Once all of the information has been submitted to a court of law, a judge will review the information and make a final determination. The courts are looking to determine if a person will have the ability to repay the loans in the future, and if not, the repayment plan offered under the chapter 13 bankruptcy ruling may be granted. The repayment plan usually starts 15 days after the judgment is approved.
No one has to feel alone when they are facing financial difficulties. The legal team at Christman and Fascetta have helped hundreds of people regain control of their finances. Be sure to Browse Website by visiting here to learn more and take the first step towards overcoming financial difficulties.
