Chapter 13 Bankruptcy Attorneys in Statesboro GA
Rarely in Georgia does anyone want to file bankruptcy, but many times individuals find themselves in circumstances where it cannot be avoided. And this is especially true when they have a considerable investment in a home or property and stand to lose it without using bankruptcy protection law. Bankruptcy typically cannot be filed with respect to one issue, as the whole of a petitioner’s financial situation is evaluated when the repayment plan is submitted. All outstanding debts at the time of filing are elements, which means the filer must often restructure their assets and liabilities before entering into the repayment plan if it is allowed by the magistrate and their creditors. While Chapter 7 filings are generally intended to discharge unsecured debt with seizure and sell off of non-exempt personal assets, Chapter 13 does not have this requirement in most situations. It is a repayment schedule submission that must be feasible at the time of petitioning for court approval. And it can be complicated, especially in states like Georgia with specific filing rules aside from federal bankruptcy allowances. This means it is always best to have legal representation from a Chapter 13 bankruptcy attorney like Claeys McElroy-Magruder & Kitchens bankruptcy attorneys in Statesboro GA for the intended outcome and an accepted petition.
Chapter 13 Bankruptcy Preparation
Almost all bankruptcies will include some type of pre-filing preparation. Some delinquent debts can be settled with outside negotiations with creditors who would just as soon not be part of the payment program. Having experienced bankruptcy attorneys in Statesboro Georgia handling the case shows that you are serious about a debt restructuring and can often result in an agreement for an individual account whether or not it is delinquent. Petitioners must also qualify for a Chapter 13 filing, which may also mean some alteration of assets and income numbers. An example would be whether a married couple would want to include both spouses on the petition. Each case is unique in some aspect, and it is always an advantage to have a trained professional who understands how to arrange numbers that can result in an accepted and qualified repayment program. Many times this can still include selling some personal property beforehand as well, and your legal counsel from Claeys McElroy-Magruder & Kitchens can be essential in understanding the steps to take before developing a payment plan.
Detailed Financial Statement
Courts and creditors alike understand that people experience financial difficulties for reasons they cannot control. This is especially true in the current economic climate. Being detailed and accurate when evaluating your financial statement can help your legal counsel craft a solid explanation of each outstanding debt to both the creditors and the court in influencing acceptance of a bankruptcy plan. The truth is about creditors that they just want their money and do not want to repossess anything in many instances. However, this is not always the case, and the home that is being protected could be very valuable with much lost equity at stake. This generally is the primary reason for a Chapter 13 protection request. The more detailed the filing, the better chance of acceptance.
Associated Goals of Chapter 13 Filing
Beyond home and real estate protection, there are a few other benefits of a Chapter 13 bankruptcy. One of those goals is actually being able to complete the repayment schedule in full with all included accounts being current at the time of emergence. The second goal is minimized credit rating damage. Any bankruptcy petition will affect a credit rating until the completion of the payment schedule, but Chapter 13 indeed causes much less damage than a Chapter 7 filing. Qualifying by income level is key also. Having Chapter 13 bankruptcy attorneys in Statesboro GA advising on your case can easily include a plan to rebuild a credit rating to as high as possible beginning immediately after the payment restructuring plan is complete. This will eventually put the filer back in good standing among credit rating agencies.
Contact Chapter 13 Bankruptcy Attorneys Near Me
Filing a successful Chapter 13 bankruptcy in Statesboro GA includes locating a true professional who handles cases on a daily basis and has a long track record of excellent results for their clients. When searching for Bankruptcy Attorneys in Statesboro GA, it is always best to call Claeys McElroy-Magruder & Kitchens bankruptcy attorneys for advice going forward and let them explain to you how they can help assist with a solid plan for repayment and maximum protection for personal assets. The laws are complicated, and there are definite restrictions on further filings if a repayment plan cannot be completed in the five-year allowance that is generally approved as a limit. The attorney that is chosen for a Chapter 13 bankruptcy in Statesboro GA is crucial to an intended outcome of the case. Always call Claeys McElroy-Magruder & Kitchens bankruptcy attorneys first and let Angie help.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.