Bankruptcy payments are a required step for going through the bankruptcy process. Those who file bankruptcy need the best possible representation throughout their filing.
They might not seem pleasant, but bankruptcy payments are a much better option than losing everything. Many consumers who are considering filing, or who are already in the process, have questions about the bankruptcy payments they will have to pay as a result of their filing.
Obviously, your bankruptcy payments will differ vastly from anyone else’s, depending on the amount and type of debt, the chapter filed, and your debt-income ratio. If you need advice and aggressive representation for your filing and how to make your bankruptcy payments, contact a lawyer right away.
An experienced attorney can, based on the information you provide about your financial and legal situation, explain how your procedure will develop, as well as inform you about which debts you will either be obligated to make bankruptcy payments on, or may choose to pay if your income allows.
For example, if you are filing chapter 7, liquidation of your assets will enable you to pay off as much of your debt as possible and make the highest bankruptcy payments as you can.
Your lawyer can also tell you whether any of your debts will survive your bankruptcy and how the bankruptcy payments will likely be organized. It is your attorney’s responsibility to minimize the amount of debt that needs to be repaid after the liquidation of your assets, but some debts, like tax debts, will not be waived.
Similarly, in a chapter 13 filing, your attorney will explain how your assets need to be reorganized in order to repay your creditors, as well as which debts will not be waived and therefore must be supported by a repayment plan in the form of bankruptcy payments.
If your income allows, your attorney will assist you in constructing a bankruptcy payments plan for your home. As your case proceeds, your legal representative will represent you in order to obtain court permission for this type of bankruptcy payments plan.
Your chances of minimizing bankruptcy payments as well as maximizing your chances of retaining your home with a viable repayment plan, are greatly enhanced with the aid of an attorney.