Atlanta Bankruptcy Attorneys at Clark & Washington Explain the Process of Filing for Chapter 13 Bankruptcy

    NORCROSS, GA, October 04, 2012 /24-7PressRelease/ -- A Chapter 13 bankruptcy is a reorganization of a property owner's debts; it can help you to keep your home, car, and other assets of value as you begin to manage your debt. Filing for Chapter 13 can prevent foreclosure, repossession, wage garnishment, and debt lawsuits. In addition, it may help to reduce, or in some cases eliminate, your credit card debt.

Although filing for bankruptcy under Chapter 13 can be a good solution in certain difficult financial situations, many people are hesitant to file, mostly due to lack of information. The Atlanta bankruptcy attorneys at Clark & Washington have provided this overview of the filing process to better inform consumers facing the possibility of bankruptcy. Atlanta residents are encouraged to contact a bankruptcy attorney at Clark & Washington should they have any further questions.

Candidates who are eligible for Chapter 13 bankruptcy will generally be employed or have an alternative regular source of income. This income must be sufficient to make all Chapter 13 payments, in addition to current mortgage payments and all other living expenses. There are also statutory caps for Chapter 13 bankruptcy; an eligible candidate must not have debt that exceeds these. If you are unsure as to whether or not you qualify for Chapter 13, an Atlanta bankruptcy lawyer at Clark & Washington can evaluate your individual financial situation and advise you towards the best possible repayment plan.

In most cases, the resulting debt repayment plan with a Chapter 13 will last between 3 and 5 years. There are some time-sensitive deadlines that you will need to bear in mind before repayment period. If you have had a bankruptcy case dismissed due to either a voluntary request for dismissal or failing to obey court orders, then in certain cases you may not file another case for 180 days after the dismissal occurred. Within the 180-day period prior to your bankruptcy being filed, you will need to receive a briefing from a certified credit counseling agency in which they explain financial management, including budget analysis and bankruptcy alternatives. Also, within the 90-day period before you file, you must have been a resident within the state with which you intend to file. If you have any questions concerning this timeline, your bankruptcy attorney at Clark & Washington will be able to assist you.

Your case will officially begin once the Chapter 13 petition has been filed. At this point, the bankruptcy court will most likely enter an automatic stay. This means that creditors are prohibited from taking any collection action towards you while the case is pending or until further notice from the court. They will then notify all of the creditors listed in the petition and assign a bankruptcy trustee to the case. Next, usually within 15 days of the filing, a Notice of Commencement of Case will be sent to you and to all of the listed creditors; this will include important logistical information like deadlines for claims from creditors and dates and locations of meetings.

Each individual case is going to be different; your case will likely come with a unique set of issues to overcome. The Atlanta bankruptcy attorneys at Clark & Washington have the experience and resources to give your case the best possible chance of success. Your Clark & Washington bankruptcy lawyer will guide you through the entire process, completing your paperwork and attending all your hearings. If you are considering filing for bankruptcy, contact Clark & Washington today to schedule a free, no-obligation consultation with an Atlanta bankruptcy attorney. Learn more at http://www.cw13.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.cw13.com.

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