Chapter 13 Bankruptcy Basics
Though much has been made in recent years about both the individual and corporate financial struggles that are being faced due to the credit crunch and other broad economic factors, the reality is that there have always been genuine challenges to fiscal security. The free availability of consumer credit and predatory mortgage lending practices have combined to create something of a perfect storm for the debt-strapped, and when you add into the mix the fact that developing a credit history is now an essential part of progressing into adulthood, the deck seems to be stacked against the unwitting consumer. In the most overwhelming circumstances, it may be appropriate to consider filing for Chapter 13 bankruptcy protection.
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Even if you have been working steadily for years and manage your money responsibly, it is likely that a single accident, serious illness, or other unpredictable and substantial adverse life event can suddenly threaten to undo all that you have built. Part of this is attributable to the dramatically escalating cost of medical care in the United States, which has considerably outpaced increases in the average income of American workers over the past decade. If you are uninsured or exhaust the benefits available under your insurance policy, you can be stuck with tens of thousands of dollars or more in medical debts for even fairly minor injuries.
Elements of Chapter 13 Bankruptcy to Consider
The United States Bankruptcy Code exists to help debtors to resolve their outstanding financial obligations to creditors and service providers. There are forms of bankruptcy that are available to businesses and others that are solely accessible to individuals and families that are suffering from economic woes. Chapter 13 bankruptcies are restricted to individual filers who are employed at the time of the bankruptcy filing and who appear to have some degree of job security.
As each chapter of the Bankruptcy Code is designed to serve a different set of needs and parties, so, too is each of processes differently structured and requiring of distinctly separate qualifications. A few of the relevant details pertaining to Chapter 13 bankruptcy are:
Liquidation of assets is not a required step as it is with many Chapter 7 filings Chapter 13 bankruptcy filings stop and prevent foreclosure actions Debts are not erased, but rather the debtor has the opportunity to propose an extended repayment plan over a 3-5 year period Collection efforts must cease during the bankruptcy plan
For More Information
For further information about credit management and bankruptcy protection, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.
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