The biggest concern that many bankruptcy petitioners have is that the court will reject their cases. A bankruptcy law attorney can never guarantee that a judge will accept your petition. However, there are a few things you and your lawyer can do to improve the odds of acceptance.
Collect and Prepare Supporting Documents
It's wise to have at least your most recent three months' worth of pay stubs and two years' worth of tax returns available.
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If you're unfamiliar with the bankruptcy system, you might think bankruptcy is a single process. However, there are several options for approaching the problem, and each process has its quirks. Let's look at how the different process works and which option a bankruptcy law firm might encourage you to pursue.
Restructuring
Depending on your circumstances, this will fall under the headings of Chapter 11, 12, or 13 bankruptcy laws. Chapter 11 covers businesses, Chapter 12 covers certain types of non-agribusiness farms, and Chapter 13 covers personal finances.
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When you fall behind on your auto payments, there's a good possibility the bank will repossess the vehicle and sell it to satisfy your loan obligation. Filing chapter 13 bankruptcy can prevent that from happening and, in some cases, reduce the amount you actually owe. Here are two ways to use chapter 13 bankruptcy to manage your past due car note and avoid repossession
Cramdown the Loan
A legal maneuver you can perform during a chapter 13 bankruptcy to deal with an overdue car loan is a cramdown.
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One of the benefits you will receive when filing for bankruptcy is something called an automatic stay, which is an order given by the court to your creditors that prevents them from contacting you for the money you owe them. If you file for bankruptcy and receive any correspondence from a creditor that you listed on your bankruptcy documents, you might be able to take action against this creditor for violating the automatic stay.
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Personal loans and credit card bills are considered unsecured debts. A home mortgage is considered a secured debt. If you have racked up numerous bills in both categories and can't afford to make monthly payments without some heavy sacrifices, you may think that your life will forever be burdened by your past financial mistakes. Chapter 13 bankruptcy is an option that will restructure your debts and allow you more time to pay them.
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