Individual who needs togo ahead with filling Chapter 13 Bankruptcy in San Antonio
Many consider filling bankruptcy is the last option when an individual is not able to find an other solution to repay the loans which leads to financial ruin. But Chapter 13 bankruptcy code proposes controlled and easy landing.
It allows the debtor with enough time to repay the loan especially it is beneficial to those who faces problems in dealing with the creditor demanding immediate payment. It prevents the individual from becoming homeless in case if they don’t have any other option.
Any individual or combination of spouse have the means to establish their source of income who can pay off their debt can file under this code.
What happens afterfilling Chapter 13 bankruptcy in San Antonio
It is useful for those who are under serious debts this financial tool helps the debtor to retain their home or car or any immovable objects under chapter 13 bankruptcy.
Why is it helpful for those individuals who are seeking to filing chapter 13 in San Antonio:
- Appliances and vehicles low payments: Basically there are three ways in lowering the payments that is decreasing the balance which the debtor owes, lowering the interest rates, spreading or expanding the term of payment and filling Chapter 13 in San Antonio can help the debtor in all these three areas.
- The fees of Attorney is spread across longer time: The question which arise among those who plan to filling chapter 13 in San Antonio is that how would they pay the fees of the attorney when they themselves are bankrupt. Under chapter 13 the debtor’s are given the liberty of paying the attorney fees which is spread in instalments without interest to lower the burden of paying the lump some amount.
- Repossessions and stop foreclosures: Filing chapter 13 stops repossessions and stop foreclosures. Congress built chapter 13 so that the individual would have a way to reorganise paying home and vehicle loans and prevent the loss of job due to the shortcoming in transportation. It gives and individual three to five years of time frame to fix the problem on a large scale as it recognises the right of the debtors right
- Allow individual to keep assets which are non-exempted: Non-exempt items such as boat, ATV or work truck; it allows the individual to pay the creditors over a period of time and prevent from selling those assets by the trustee in order to cover the loan. Chapter 13 allows the debtor to keep it as it might be of some importance. for example a work truck owned by the debtor is of great use as it will be his/her source of income.
Conclusions: There are many law firms and attorneys who can help the debtor in filling chapter 13 in San Antonio. It is not right to think that bankruptcy is last solution to prevent oneself from the creditors intact it is a guidance and beneficial who are unable to sort out their finances to pay the debt systematically.