Is Chapter 13 Bankruptcy In St. Paul The Right Option For You? Mar07

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Is Chapter 13 Bankruptcy In St. Paul The Right Option For You?

Chapter 13 bankruptcy is an intriguing subject that has quite a few things you need to understand about it before you decide to file. At the very outset, it’s important to understand that not everyone has chapter 13 bankruptcy as their best choice. If you are thinking about filing a bankruptcy and are torn between chapter seven and chapter 13 bankruptcy, it would be best to get some expert legal advice in the matter. Have a detailed conversation with your bankruptcy lawyer during which you can try to understand the key merits of each at the differences between the two. This basic understanding will help you make a better decision and truly understand if you should file for chapter 13 bankruptcy in St. Paul.

The Basic Requirements for Filing Chapter 13 Bankruptcy in St. Paul
In a generalized sense, an ideal applicant for chapter 13 bankruptcy in St. Paul must have two basic qualities. First of all, he must have a stable regular income and secondly, he must be able to make steady cash payments to the trustee for a period of 3 to 5 years as defined by the chapter 13 bankruptcy payment terms.

Understanding Chapter 13 Bankruptcy in St. Paul
To understand these basic requirements, one must understand how chapter 13 bankruptcy works. If you apply for a chapter 13 bankruptcy in St. Paul, the court studies your financial statements and gives you a deadline of 3 to 5 years within which you must pay off all your debt by making monthly payments to your trustee.

If you are somebody who does not have a stable and regular income source and have in the past had problems making payments steadily to what’s your credit card or Mort gage etc. Then you may not be an ideal candidate for chapter 13 bankruptcy in St. Paul.

Advantages of Chapter 13 Bankruptcy in St. Paul
The one major reason why you should choose chapter 13 bankruptcy in St. Paul as compared to check the seven bankruptcy is the fact that the former allows you to keep your assets while the latter liquidates ourselves them off to pay your outstanding debt. So if you wish to keep your assets and request the court to give you some time to pay off all your debt over time, chapter 13 bankruptcy in St. Paul is the perfect option for you.

If you wish to file chapter 13 bankruptcy in St. Paul and are looking for some expert legal advice or an effective counsel, you must visit Lamey law firm. This is where you will find a highly skilled and seasoned bankruptcy lawyer who will do everything necessary to get you out of the financial rut you are in. You will be able to retain all your assets and pay off all your debt on a slow and consistent basis that neither burdens you know our forces you to sell off your property.

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