These are very unstable economic times, and one way or another, we are all affected by them. Even traditionally solvent corporate giants have been brought to their knees by current circumstances. If you are one of the individuals who have been particularly hard hit by this financial decline, you are not alone. But take heart, because there are legal means to right your financial ship and they are not as daunting as you may assume. One possible path is Chapter 13 bankruptcy, but there are certain circumstances which must be met before pursuing this remedy.
Chapter 13 bankruptcy is a method of discharging a portion of your current outstanding debt, while agreeing to pay off the remainder according to a court-approved bankruptcy plan. If you are currently making more money than you need to cover your regular day-to-day living expenses, then Chapter 13 bankruptcy Lexington VA may be just the solution for you.
Among the many advantages of Chapter 13 bankruptcy is the fact that it can protect you from the threat of losing your home, vehicles, or other private property. It will also halt any foreclosures, or demands for back payments or repossessions regarding vehicles. This means it will put an end to annoying collection calls and letters. It can also help you avoid garnished wages and the threat of lawsuits by those to whom you currently owe money.
Please understand that this solution does not absolve you of all financial obligations to your creditors. However, it does allow you to negotiate a suitable agreement whereby a certain portion of your debt is discharged and a payment plan is put into place which will facilitate the repayment of the outstanding portion of your debt in a manner that is easier for you to deal with. A typical repayment plan can run from three to five years, depending on the amount of debt you currently have and the willingness of your creditors to work with you. Upon the approval of your plan by the court, your agreed on amount will be forgiven.
These are difficult financial times and can require some difficult decisions. If the circumstances described seem to apply to your situation, then consider contacting a reputable law firm and proceeding with a Chapter 13 bankruptcy. They will be happy to answer any questions before beginning to build your specific plan for personal financial rebuilding.
