Attorneys: A History of Helpfulness

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Attorneys: A History of Helpfulness

Attorneys in our day are often called bottom feeders, ambulance chasers or worse. I am an attorney in private practice, and it is my mission to show you that the law is a calling filled with noble and enthusiastic people who are doing the job to help others. The law can be incredibly confusion, and it seems to change drastically day by day. Attorneys are there to help clients navigate the murky waters of legal issues and find the most appropriate solution to problems they face. So don't think of a lawyer as the bad guys. Lawyers help people, and this blog will teach you how.

3 Reasons Chapter 13 Bankruptcy Might Be The Better Option

As you look at your pile of unpaid bills, do you feel stress and anxiety? Is this something you have felt for a while? If so, you might want to consider and evaluate filing for bankruptcy. Bankruptcy is not something to rush into, and bankruptcy law can feel obtuse, yet it can be a tool that provides the much-needed relief you want and need. As you consider this option, your lawyer might suggest Chapter 13 instead of Chapter 7. While Chapter 7 works better in some cases, here are three reasons people often prefer Chapter 13 instead.

1. It Helps You Keep Your House

The first reason people turn to Chapter 13 instead of Chapter 7 is to keep their homes. If you own a home, you risk losing it if you use Chapter 7, especially if either of the following conditions exists:

  1. You are behind on your payments.
  2. You have a lot of equity in it.

If you are behind on your payments, you will probably lose the house to foreclosure, even if you use Chapter 7. You can avoid this through Chapter 13. If you have a lot of equity in the house and use Chapter 7, the trustee can take your home after you file.

2. It Assists with All Debts You Owe

The second reason to consider Chapter 13 is to receive assistance for all your debts. While Chapter 7 provides a discharge for some debts, it does not help with all debts. Chapter 7 has limits. If you owe money on debts that do not qualify for a discharge, you will still owe these debts if you use Chapter 7. Chapter 13 provides a repayment plan for all your debts, leaving you with one payment to make to cover all of them.

3. You Can Keep Everything You Own

The third reason people choose Chapter 13 is to keep everything they own. If you own valuable assets and use Chapter 7, you risk losing them. Chapter 7 is the liquidation branch of law that requires the trustee to take assets and sell them. You will not have to worry about this if you use Chapter 13 instead. You can keep everything.

As you begin working on a plan for your debts, you might want to consider Chapter 13 bankruptcy as a way out of debt. It can help in many ways, and you can learn more by meeting with a bankruptcy lawyer in your city.