How to find the best Chapter 13 Bankruptcy Lawyer in California?

Bankruptcies are a very usual phenomenon in California and appropriate knowledge about it is highly important. There are two bankruptcy chapters in the united Bankruptcy Code. Chapter 7 and 13 are the most frequently used bankruptcy chapters. Chapters 7 and 13 of the Bankruptcy code are different only in terms of the time period sanctioned to a debtor for payment. A chapter 13 bankruptcy stretches beyond three years and sometimes even to five years, while the chapter 7 bankruptcy gives the debtor a few months' time. These chapters lay down the framework for the bankrupt debtor to repay all liabilities with interest to his or her creditor over a period of time. The plan is made on the basis of the debtor’s disposable income, which is determined by how regularly and how big the flow of disposable income is.

Since all this permutation and combinations of incomes cannot be carried out by an individual alone, especially one under undue stress due to the bankruptcy, it is always wiser to choose someone to guide you through the process and not jump any legal block. To find the best Chapter 13 Bankruptcy lawyer you need to see how the lawyer functions. The most important quality that you must expect from a chapter 13 bankruptcy lawyer is the eye for detail. After all, calculating the disposable income, i.e. the income net of taxes, grants, etc. Need to be calculated very properly. The lawyer must be as meticulous as a miserly accountant who will not let a single cent leak and sharp enough to circumvent the problematic clauses in the legal text.

The lawyer may not be everything that has been mentioned before, but he or she can certainly have an amazing team that meets the aforementioned qualities. Apart from all this, a bankruptcy lawyer, be it one who specializes in Chapter 7 or Chapter 13, he or she should be a good communicator. A good lawyer should be able to articulate the financial jargon for the debtor, and similarly, convert a layman's language into financial jargon for the creditor. A lot of times, it is just the inability of the debtor to interpret the creditor’s terms that creates the mess for the debtor. So it is extremely important to know exactly what is meant by each step taken, and what the consequence of each action is.

According to chapter 13 bankruptcy, the secured creditors are to be repaid first, and then the rest. The amount to be repaid in every instalment is equal to a multiplier times the debtor's disposable income. This kind of bankruptcy is filed when the debtor has a high disposable income and at the same time, does not wish to forego his or assets. The qualification criterion for this kind of criteria is approval from a court-approved credit counselling agency, and if your debt is below a certain ceiling. The ceiling is different for different states in the United States. Chapter 13 bankruptcy relieves you of some obligatory payments; however, there are some payments that cannot be discharged. These include traffic fines, mortgage, child support, alimony, student loans, debt obtained through fraud, etc. While your lawyer is filing chapter 13 bankruptcies for you, you will be meeting a lot of creditors to chalk out a payment plan. You must be patient and cooperate with your lawyer during this time. After a series of meetings, you must make sure that the decided payment plan is adhered to and that the debtor trustee receives payment from you at the stipulated intervals.

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