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Bankruptcy Attorney

White Plains Chapter 13 Bankruptcy Lawyer- Insights

Bankruptcy cases are usually considered to be the last option for a person who is in deep debts and has no way to pay them off. The term ‘bankruptcy’ is a legal expression that represents the declaration of an individual stating his inability to get rid of his debts. White Plains Chapter 13 Bankruptcy Lawyer has some nice tips on this.

Bankruptcy cases offer several codes that an individual or a business firm can avail to. The most common of all the chapters are Chapter 7 and Chapter 13. In this article we will discuss about the Chapter 13 bankruptcy code. Chapter 13 code of bankruptcy allows a debtor to ‘restructure’ his debts. This option is ideal for people who have a steady source of income and have the ability to repay their debts in near future.

Here are the basic advantages of Chapter 13 bankruptcy:
1. Protection from creditors – Once a debtor has applied for a Chapter 13 bankruptcy, he will be given an approval for protection from the debt collection agencies and the creditors. That means, it is illegal to contact a debtor and harass him for clearance of debts after he has been granted a Chapter 13 petition.

2. Freedom from debts – This bankruptcy code clears almost all the forms of unsecured debt. However, secured debts cannot be shaken off unless there is a reclamation shortage.

3. Debt restructuring – A major feature of Chapter 13 code of bankruptcy is that it allows restructuring of debts. Thus a debtor, who has been struggling with financial issues since a long time, can heave a sigh of relief

4. Elimination of foreclosure – A major benefit of chapter 13 code of bankruptcy is that it eliminates the chances of a foreclosure. A debtor would be required to present a repayment plan to the court for approval.

However, it is not an easy task for an ordinary individual to carry on with the legal procedures of a Chapter 13. One should seek the help of a professional legal representative who can provide the right guidance regarding the court proceedings. One must be a careful while looking for a lawyer. Here are a few tips that one must follow while searching for a lawyer:

Qualifications – Make sure you check the certifications of a lawyer before hiring him. You must ensure that your lawyer is qualified.

Experience – Your lawyer must be experienced enough to take up your case. Check the amount of experience your lawyer has.

Referrals – Ask your lawyer for the contact details of some of the previous clients. Talk to these people to know how the lawyer had handled their cases. This will help you to realize how talented the lawyer is.