The recent economic recession left many people with debts that they could not pay for. Everywhere you would go to, there was a sign for foreclosure on a property. During this period, a lot of people had to file for bankruptcy. As a result, many people were introduced to the bankruptcy laws. The two main types of bankruptcies that people can apply for when in dire financial circumstances are Chapter 13 and Chapter 7. Chapter 13 Richmond bankruptcy is an option when you have debts that you need to pay but have an income that cannot be able to pay for these debts. People apply for this type of bankruptcy when they need to protect their assets from creditors. This type of bankruptcy will stop the creditors from selling your assets but will require you to come up with a restructured plan to pay off these debts. The period given to pay the debts is between three to five years.
* The first step when applying for Chapter 13 Richmond bankruptcy is to gather all the necessary paperwork. The paperwork should be able to reflect the proof of your debts and the amount of income that you get. The paperwork should be valid documents like bank statements and receipts that a court can scrutinize.
* You need to take this information to a bankruptcy attorney. They will take you through a consultation to understand the basics of what the process involves. The law is very specific about this type of bankruptcy and you need to know what the requirements of the law in your state are. Only a bankruptcy lawyer can be able to explain the whole process within the context of the law without leaving out any important detail. The consultation in most cases is free. If the attorney confirms that you are a viable candidate, they will then help you file for Chapter 13 bankruptcy.
* During this process, you will be required to meet with a court trustee. They will look at all the documents that you present as evidence of your bankruptcy. A bankruptcy attorney will help you know the type of documents that you require for Chapter 13 bankruptcy application. If everything is in order, the court will declare you bankrupt and you can get reprieve from your creditors.
Going through this process without legal aid is not advisable. Most people shun away the help of an attorney because of the cost. One does not want to spend money when they should save every penny. It is vital to note that there are affordable bankruptcy lawyers. When filing for Chapter 13 look for a lawyer who will not cost you a hand and a leg. You can compare prices from different firms to get a good deal.
Applying for Chapter 13 bankruptcy is a legal process. It is advisable to go through with legal aid from a professional. Learn more from Website Domain.
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