3 Important Tasks Your Chapter 13 Bankruptcy Lawyer Can Help With
If you have decided that filing for Chapter 13 bankruptcy is the right option for your debt relief needs, you may be wondering whether or not hiring a lawyer to represent you in this matter is the right choice for you or if you should simply file your bankruptcy petition with the court on your own. While the ability to save money on legal fees by taking a do-it-yourself approach may seem tempting at first, you should know that hiring a lawyer is still the better option. This is because there are several important tasks associated with your bankruptcy that a Chapter 13 bankruptcy lawyer can help with. You can learn more about some of these important tasks below.
Task #1: Creating Your Proposed Repayment Plan
Chapter 13 bankruptcy will require you to repay as many of your debts as possible before any remaining debt can be discharged by the court. This is done through a court-approved repayment plan that utilizes your excess income to pay off debtors who have been prioritized. It is important that any repayment plan you proposed to the court meets all legal standards and that you will be able to realistically follow through with this plan. A Chapter 13 bankruptcy lawyer will be able to help you develop the most beneficial repayment plan and get this plan approved by the court so that you can successfully complete the bankruptcy process and ultimately enjoy the benefits that it has to offer.
Task #2: Protecting Your Assets
While you may want to get rid of your excess debt, chances are that you do not want to lose all of your assets in the process. For many people, this is the primary reason for choosing Chapter 13 over Chapter 7 bankruptcy. However, you should know that asset protection is not necessarily an automatic process when filing for Chapter 13 bankruptcy. Thankfully, an experienced bankruptcy lawyer will be able to help you protect your assets during this process so that you are able to minimize any negative impact that filing for bankruptcy may have on your finances moving forward.
Task #3: Executing Your Repayment Plan
Once your repayment plan has been approved by the court, you will need to ensure that all of your payments are distributed to the appropriate creditors each month and that there are accurate records regarding these payments. These records will need to be provided to the court before your bankruptcy can be discharged. When working with a Chapter 13 bankruptcy lawyer, you will be able to count on this attorney to execute your repayment plan and maintain all required records so that you can successfully comply with the court and reap the benefits of having any remaining debt discharged.