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Financial stability at times becomes unpredictable and even people with countless property can find themselves difficult situations. In the event that a debtor is unable to clear all debts, he or he will have to make a huge decision of filing a bankruptcy claim. This decision is critical since it heavily impacts on future credit. Additionally, such a person will have to locate a splendid Johnson city chapter 13 attorney.
Generally, these attorneys come in handy to explain some of the benefits and disadvantages that are associated with such a declaration. One of the benefits is that, the individual will have more time allocated to enable him or her clear off debts. Of course this will only be guaranteed after going through various stipulations.
Similarly, these debts should only be paid after catering for basic necessities for survival. The necessities include medical expenses, shelter and food intake. On top of that, a property that a debtor is making partial payments towards can and will eventually become his or her possession.
On the other side of the coin, the bankruptcy claim will have negative impact on the overall reputation of the debtor. Repossessions, lawsuits and defaults definitely imply that such a person will no longer be able to access mortgage, loans and other financial assistance. These greatly hinder the self image of such a debtor.
It is also essential to be aware of the legibility criteria for filing bankruptcy under this chapter. A qualified attorney will be honest enough to let you know that if you are a business entity, you will not be allowed to file for the same. Only individuals and those filing jointly as husband and wife can file under this chapter. Business entities and corporations should consider chapter 11 bankruptcy.
The other requirement is that the debtor has to present tangible proof which indicates that some counseling agency had been consulted. This has to be within the last 180 days before the ultimate date of chapter 13 filing. Failure to provide this document may lead to rejection of the declaration. The other documents needed are the state and federal income tax returns. These should be for the past four years.
The other requirement is a proposed repayment plan that captures all debts including child support funds, alimony and other secured debts such as mortgages and auto loans. The amount of time that will be taken to clear all the debts should also be put down. By so doing, debtors in this chapter can be assured of paying back what they owe. The above information is relevant for debtors and can be sourced from reputable attorneys.
Generally, these attorneys come in handy to explain some of the benefits and disadvantages that are associated with such a declaration. One of the benefits is that, the individual will have more time allocated to enable him or her clear off debts. Of course this will only be guaranteed after going through various stipulations.
Similarly, these debts should only be paid after catering for basic necessities for survival. The necessities include medical expenses, shelter and food intake. On top of that, a property that a debtor is making partial payments towards can and will eventually become his or her possession.
On the other side of the coin, the bankruptcy claim will have negative impact on the overall reputation of the debtor. Repossessions, lawsuits and defaults definitely imply that such a person will no longer be able to access mortgage, loans and other financial assistance. These greatly hinder the self image of such a debtor.
It is also essential to be aware of the legibility criteria for filing bankruptcy under this chapter. A qualified attorney will be honest enough to let you know that if you are a business entity, you will not be allowed to file for the same. Only individuals and those filing jointly as husband and wife can file under this chapter. Business entities and corporations should consider chapter 11 bankruptcy.
The other requirement is that the debtor has to present tangible proof which indicates that some counseling agency had been consulted. This has to be within the last 180 days before the ultimate date of chapter 13 filing. Failure to provide this document may lead to rejection of the declaration. The other documents needed are the state and federal income tax returns. These should be for the past four years.
The other requirement is a proposed repayment plan that captures all debts including child support funds, alimony and other secured debts such as mortgages and auto loans. The amount of time that will be taken to clear all the debts should also be put down. By so doing, debtors in this chapter can be assured of paying back what they owe. The above information is relevant for debtors and can be sourced from reputable attorneys.
About the Author:
Cameron S. Schippers is a retired paralegal that helped individuals through the process of filing for Bankruptcy for 15 years. He has a deep understanding of the Bankruptcy code. To learn more about Johnson City Chapter 11 law he suggests you visit his friend's to learn more.
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