Bankruptcy can mean many different things to people. It is a state of being unable to pay back your obligations. You can declare bankruptcy for many different reasons at various times. For example, if you have projected that you will never be able to pay off your debts despite your projected earnings, you might be able to actually declare bankruptcy fairly early on. That will help you pay off your obligations faster. You can get some great advice on this from chapter 13 attorneys in Fall River, MA.
Chapter 13 Bankruptcy
Bankruptcy filings are divided into different “chapters,” based on what obligations you will have and how you will pay them off. You can find more information and some great assistance from the Law Offices of Tara M. George, PC. At the office, they will be able to explain chapter 13 bankruptcy to you more fully.
In short, chapter 13 bankruptcy allows you to keep your property, but requires that you pay off your debts in a three- to five-year period. Chapter 13 attorneys can negotiate your repayment plan in a way that is least damaging to your finances.
Finding a Firm
A good bankruptcy law firm will be able to help you restructure your debt in a way that is manageable. Chapter 13 attorneys specialize in helping you keep your assets while also paying back your debt. This differs from some of the other chapters that might allow you to abdicate all of your debt but will result in you losing more collateral.
If you want to keep your property while paying off your debts, you should consult with chapter 13 attorneys. They will likely be able to advise you on whether or not you are a good candidate for chapter 13 bankruptcy, and how to go about filing for it.
