Bankruptcy is a state whereby an individual is has no money to repay his or her debts to the creditors. In most cases, an individual will be in bankrupt due to bad borrowing or even fall for creditor tricks. Laura Margulies & Associates LLC is a law firm which has been practicing law since 1993 and has specialized in all bankruptcy chapters. It has also represented many of its clients in the courtroom with the required experience given the client the best information to enable them pick the best way to proceed. From all faces of bankruptcy, the law firm has specialized in Rockville Best Chapter 13 Bankruptcy.
Rockville Best Chapter 13 Bankruptcy is widely used by thousands of people to in the United States. Chapter 13 bankruptcy will allow the debtor how is trying to keep up with the debts to seek refuge through the court. In all phases of chapter 7 and chapter 11 bankruptcies, only chapter 13 is filed by persons who are facing foreclosure as it can prevent the process taking place.
Unlike chapter 7, chapters 13 does not involve liquidation of property in this case if the property is exempt or not. This will only happen if the right channels of law are followed to the letter. Chapter13 bankruptcy process is complex this can lead to high charges.
Chapter 7 is relativity has a brief process which can last several months. Chapter 13 can last from 2 to 4 years. In this time, chapter 13 is involved in monthly payments to the creditor depending on the income of the debtor. Chapter 13 payment plan usually determines the deposable income of the debtor that in turn will be used to structure the payment plan in regular time.
Before filing for Chapter 13 bankruptcy, make sure you visit the above mention law firm for the best counseling which will help you determine the best plan for you. Remember for those individuals who do not qualify for chapter 13, you always have the option of filing for bankruptcy. This can be a very stressful time so make sure you are not in a rush as it can make you forget the important things while looking for a lawyer to help you with your case.
