The nation's economy has been stumbling and many bankruptcy attorneys have stepped up to the plate to help out. Employee wage freezes at businesses that are struggling to keep their doors open have put many workers in a difficult position. The cost of living continues to rise, but increased ability to produce income has become stagnant. Many workers have resorted to credit cards to fill the gaps but this quick fix only escalates the problems over time. Mortgages with unsavory terms of payment have added to the fiasco. Balloon payments, interest rates that continue to rise over the life of the loan, and the decline in property values have all hit homeowners hard. Many home equity lines of credit have been either called in or cancelled by the banks because home values have dropped substantially. Home equity has disappeared before the homeowner's eyes. It's no wonder that so many responsible citizens have found themselves pinned to the wall with no easy solutions. Chapter 13 reorganization and a seasoned bankruptcy attorney can help you sort out your financial situation and get a new lease on life. What exactly is a Chapter 13 bankruptcy? A Chapter 13 filing is sometimes referred to as a wage-earner's option. This reorganization will allow the filer to save their home from foreclosure, which is often a main goal of the process. If the house is already in foreclosure, this filing will stop the foreclosure process. The filer's debts will be reorganized into more manageable payments to be paid off between three to five years, along with the mortgage at its original loan length. The person who has filed for bankruptcy will pay monthly payments to a trustee of the courts who will then distribute the money in an agreed upon manner between the creditors. The debtor will no longer have any contact with the creditors. In order to be eligible to file for Chapter 13, the filer's total debts must be under a ceiling amount which is periodically readjusted. The filer also must not have any record of failing to show up for any previous bankruptcy meetings and proceedings. They must be motivated to responsibly get rid of their debts via Chapter 13's protection. A single person may file alone or a married couple may file jointly. If you are interested in reorganizing your financial life, contact a reputable bankruptcy attorney today. As soon as you make that call, you'll start to breathe easier. In Palm Harbor, bankruptcy law firm has a team of professional lawyers that can help you through the process of filing for a bankruptcy and save you from a stressful time with some form of debt relief. To know more about their services, visit http://www.alanpowellpa.info
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