You can legally reduce or discharge certain types of debt

You can legally reduce or discharge certain types of debt by declaring bankruptcy. In the post recession of US economy, the situation is taking a catastrophic turn with the rising unemployment and loss of jobs. In such a scenario, many people fail to pay their mortgage on time. This leads to the foreclosure on the property but you can also avoid foreclosure once you declare bankruptcy. You can eliminate your debts either through debt relief program or filing under Chapter 13 Bankruptcy.

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1. The rules that govern chapter 13 laws can be different from state to state. In some states, if you contemplate bankruptcy then you need to qualify for the criteria of certain amount of income and under a stipulated amount of unsecured debt. This is called the Means Test

2. If you declare bankruptcy to avoid foreclosure then it is advisable to hire an attorney. You can approach a lawyer who specializes in bankruptcy cases so that he can help you to deal with the situation with able guidance. You can even contact the local bar association to find a reliable and reputable lawyer.

3. With the filing of the bankruptcy petition, an automatic stay will be placed that will prevent the creditors from repossession and foreclosure on the property. You must inform your mortgage lenders that you are planning to file Chapter 13 Bankruptcy. Your lawyer will deal with the mortgage lenders legal obligation once you declare bankruptcy.

4. It is crucial for the filer to attend the hearings that starts with the filing under chapter 13 bankruptcy. You will be scheduled for court hearing and be represented by the lawyer before the court. The judge and the court appointed trustee will evaluate your financial situation and decide a suitable course of action over the next few years.

So, when you file under chapter 13 Bankruptcy the court appointed trustee rearranges your debts and designs an affordable repayment plan. You can complete the repayment process within three to five years. Within this time frame, you can keep your property and by the time your stay expires you will be able to catch up on your mortgage payments and avoid foreclosure.

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Posted in Internet Post Date 01/18/2021


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