Important Facts Concerning Chapter 13 Bankruptcy in Virginia
The coronavirus outbreak has made things difficult for everyone living across the world. In fact, it has completely changed the lives of people. Many people have lost their employment due to the coronavirus outbreak. Many of them are under stress which comes with financial difficulties. The only option available for them to come out of their financial difficulties is filing chapter 13 bankruptcy.
People who get regular incomes will be able to manage their debts by filing chapter 13 bankruptcy. All those people with debts who don’t qualify for chapter 7, explore chapter 13. If the client has so many properties in his or her name, bankruptcy exemptions may not be applicable. For filing chapter 13 bankruptcy, you must take the help of Norfolk Chapter 13 bankruptcy attorneys. You could choose the Law firm of John W. Lee, PC for the best chapter 13 attorneys in Virginia.
When it comes to the chapter 13 attorneys, as they know how to extend the repayment plan from 3 to 5 days, it would be better to take their help. They will help you create a better repayment plan. Moreover, when you hire an attorney, he or she will take care of everything, which means you can stay stress-free.
What Are the Benefits of Chapter 13 Bankruptcy?
- Secured debts like vehicle loans, can be adjusted and extended during the course of your repayment plan as per chapter 13. This will allow you to pay less each month. For example, if the left-over tenure is one year on your auto loan, it can be extended up to 3 to 5 years, depending on your income. This means, you will be making lesser monthly payments.
- Another great advantage of chapter 13 is, creditors should not contact you directly. Instead of any communication, they must contact the trustee first.
- You can make your payments comfortably without getting stressed out, with the help of chapter 13.
- You will get a chance to keep your property and pay off the debts completely.
What to Submit when Filing Chapter 13
You must submit the following information for filing chapter 13.
- You must submit the statements of your monthly income.
- Proofs related to your assets.
- Bills related to your monthly expenses.
- Proof that you have completed credit counseling.
- Financial statements.
- Proofs related to current contracts or leases.
- Proofs related to tax returns.
Looking at everything, the court will decide the repayment plan period. For more information on chapter 13, you must contact a chapter 13 bankruptcy attorney in Virginia.