Those in Louisville who are facing insurmountable debt are under a great deal of stress. Their income may simply not be enough to cover both their daily expenses and their debts. Whether it is credit card debt, medical debt or past due mortgage payments, those who have been unable to pay their debts may not know what to do or where to turn.
However, financial relief is available in the form of personal bankruptcy, such as a Chapter 13 bankruptcy filing. Chapter 13 bankruptcy is also known as a “wage earner plan” or “reorganization bankruptcy.” In a Chapter 13 bankruptcy, a repayment plan will be created in which a person will make monthly payments towards their debts over the course of three to five years. In this way, a debtor is given the leniency needed to catch up on his or her debts.
A Chapter 13 bankruptcy can offer debtors a lot of advantages, but one thing debtors may not want to do is to try to file for bankruptcy alone. Instead, those who want to file for bankruptcy may want to consult with an attorney before doing so.
An attorney can assist the debtor in the creation of a repayment plan that keeps the debtor’s income and living expenses in mind. A repayment plan should be affordable and shoult take the debtor’s budget into account. After all, the purpose of a Chapter 13 bankruptcy repayment plan is to allow the debtor the time needed to become debt-free once the repayment period is completed.
The professionals at the law firm of Kruger & Schwartz are committed to helping their clients address their debts in a way that allows them to tackle these debts in the most appropriate way. Whether this is by filing for Chapter 13 bankruptcy, Chapter 7 bankruptcy or taking other steps towards debt relief, the legal team at the law firm of Kruger & Schwartz aim to see that their clients emerge from the bankruptcy process in a way that gives them a fresh financial start. The firm’s webpage on Chapter 13 bankruptcy may provide people in Louisville with more information on the advantages of Chapter 13 bankruptcy.