NORCROSS, GA, September 14, 2012 (Press-News.org) Chapter 13 bankruptcy is a powerful financial tool that can help you manage and eventually eliminate overwhelming debt while protecting your most important assets. Despite these benefits, many people are hesitant to file due to some ideas that are commonly believed about Chapter 13 bankruptcy, but not at all true. The Atlanta bankruptcy attorneys at Clark & Washington hope to set the record straight by clearing up some of these misconceptions.
Myth 1: Filing for Chapter 13 cannot save you from home foreclosure.
On the contrary, you can and should file for Chapter 13 to prevent a foreclosure. Once you have properly filed, the bankruptcy court will immediately stay all foreclosure efforts. This stay will remain in effect as you get all of your affairs in order and pay off your debt.
Myth 2: Chapter 13 is for the unemployed.
This could not be further from the truth. In fact, you need to be employed in order to even qualify for Chapter 13. Without proof of a steady income, you are ineligible, as you would not be able to make the required monthly payments. In the case of unemployment, your bankruptcy attorney may instead recommend that you file under Chapter 7.
Myth 3: Your income is too high for Chapter 13.
Having a good steady income is actually preferable for filers of Chapter 13 (it's even called the "wage earner plan"). Unlike Chapter 7, there are no upper limits on your income in order to file under Chapter 13.
Myth 4: You will not be able to take out any more loans if you file.
While filing for bankruptcy will appear on your credit report for 10 years, this does not necessarily mean you will not be able to take out a loan during that period. Many people who are good candidates for bankruptcy may have already acquired some black marks on their credit. Chapter 13 can help you to pay back your debt, so that you can begin to rebuild your credit for future loans.
Myth 5: Filing is pointless because you will need to pay everything back anyway.
Although you will need to make regular monthly cases towards your debt, filing for Chapter 13 bankruptcy may still save you money. The percentage of your debt that you must repay will be determined based on your income, your total debts, and the value of your assets. This might mean that you may end up paying less total, along with the added benefit of getting to keep your home.
If you are considering filing for bankruptcy in Atlanta, Clark & Washington can help you determine if Chapter 13 is the best choice for your situation. Request a free, no-obligation consultation with an Atlanta bankruptcy lawyer 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.
For all media inquiries, please contact:
Anne DeVito
Lead Content Developer
Cardinal Web Solutions
http://www.CardinalWebSolutions.com
Atlanta Bankruptcy Firm Clark & Washington Sets the Record Straight on Chapter 13 Bankruptcy
Clark & Washington, an Atlanta bankruptcy law firm, clears up several common misconceptions concerning chapter 13 bankruptcy.
2012-09-14
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[Press-News.org] Atlanta Bankruptcy Firm Clark & Washington Sets the Record Straight on Chapter 13 BankruptcyClark & Washington, an Atlanta bankruptcy law firm, clears up several common misconceptions concerning chapter 13 bankruptcy.