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Chapter 13 Bankruptcy is a legal process designed to help individuals reorganize their debts under the protection of the bankruptcy court. Unlike Chapter 7 Bankruptcy, which can eliminate most debts outright, Chapter 13 focuses on restructuring debts and establishing a repayment plan that spans three to five years. This plan allows individuals to keep their assets, such as their home and car, while catching up on past-due payments. This type of bankruptcy is often referred to as a wage earner's plan because it is typically utilized by individuals with a regular income.
The specialisms within Chapter 13 Bankruptcy include debt adjustment, wage earner's plans, and the intricacies of creating feasible repayment plans that meet both the debtor's and creditors' needs. Attorneys working in this area must be adept at negotiating with creditors and understanding the complex regulations that govern bankruptcy proceedings. Common clients in this practice area are individuals who are facing significant financial challenges but wish to avoid the more drastic measures of Chapter 7 Bankruptcy. These clients often include homeowners who have fallen behind on mortgage payments and want to prevent foreclosure.
They may also include individuals who have experienced sudden job loss, medical emergencies that resulted in high medical bills, or other unforeseen financial hardships. These clients are typically looking for a way to manage their debts without losing their valuable assets and are willing to commit to a structured repayment plan to regain financial stability..