For many people, the phrase “bankruptcy” is an intimidating one, and understandably so, given the stigma attached to filing for bankruptcy. However, the truth is, more and more people are realizing that bankruptcy is nothing more than a useful tool to help overcome a financial difficulty, and our Rockland County Chapter 13 bankruptcy lawyer is here to help you utilize Chapter 13 bankruptcy to your benefit. Contact The Lauterbach Law Firm today to learn more about how our firm can assist you.
Though you do not technically need an attorney to file for bankruptcy, hiring a knowledgeable Rockland County Chapter 13 bankruptcy lawyer can go a very long way. Bankruptcy is a document-heavy process, and at times, it can be quite involved, which is why you should strongly consider hiring an attorney who can help ensure you have all of the necessary documentation in order and that you complete each step of the process properly.
Before filing for Chapter 13 bankruptcy, our firm will have to ensure that you qualify. Essentially, in a Chapter 13 bankruptcy, you will submit either a 3-or-5-year repayment plan that meets the needs of your creditors. As long as you can pay off the debt in that timeframe, your remaining unsecured debt will be eliminated. That being said, not all debts are dischargeable; for example, you cannot discharge child support payments, spousal support payments, and more, though you can discharge credit card debt and other major types of debt.
Fortunately, you can keep a wide variety of assets when filing for Chapter 13 bankruptcy, which is something that most people do not know before they speak with a bankruptcy attorney. For example, Chapter 13 bankruptcy will trigger an Automatic Stay, prohibiting collection agencies from all collection activities. Furthermore, you will be able to keep many of your assets. For example, you may keep as much money as you would like in your bank account, your home, you can keep your IRA pension and other retirement plans, and more.
Bankruptcy can be a complicated process, which is why you should not simply try and go it alone. Our firm has helped countless individuals through every step of the bankruptcy process for years, and we are ready to do the same for you. Contact The Lauterbach Law Firm today so we can get started.