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Most people who are burdened with debts are always looking for options to help get rid of them at the earliest. If given a chance and a best alternative to pay back the creditors, they would love to make a settlement to get rid of the burden that they face.
The best feasible alternative – chapter 13
Yes Indeed, chapter 13 is the solution to your creditors problem. When you file for bankruptcy under chis chapter, you will no longer need to negotiate the payment terms with the creditors directly, instead they will have to follow the norms as mentioned by the court, which is presided over by a Federal Judge.
To file under chapter 13, you will be incurring the following costs-
- Courts filing fees
- Attorney Fees
- Trustee commission
Once you file for bankruptcy under chapter 13, the creditors will no longer harass you with collection calls. You simply need to make the payment as specified by the court as per the repayment plan. The creditor will automatically follow the above without any questions asked.
How much will the creditors receive?
Chapter 13 repayment plan is devised keeping in mind the income and expenses of the debtor. Depending on the available in the budget after deducting the reasonable living expenses,
However, it is always advisable to take guidance of an experience attorney before you go ahead with bankruptcy proceedings or in this matter, even applying for one. To get in touch with, log on to – https://recoverylawgroup.com/bankruptcy/ to book an appointment at the earliest.