Archive for the ‘Bankruptcy Attorney’ Category
Wage Earner Plan to Solve Your Debt Problem
There are various solutions for debt problem. If you want to clear up your debt, you can choose to do asset liquidation under chapter 7. If you want to keep your asset, you may want to file bankruptcy chapter 13. Each avenue has different consequences, this article will discuss about wage earner plan to solve your debt problem without asset liquidation.
Asset liquidation may not be the best option for your debt problem because you have to surrender your asset, but the advantage is you can have debt wipe out when the proceed from your asset can not cover your debt. The other choice is filing bankruptcy chapter 13 which allow you to keep your assets but require you to repay your debt. Greenville sc bankruptcy lawyers could help you to explain the detail of this avenue.
The bankruptcy chapter 13 petition will lead you to have Wage Earner Plan. This plan is to manage the repayment or monthly installment to be affordable based on your current income. If your current income is still available to cover your basic needs and a fraction of repayment, your Greenville sc bankruptcy attorney will represent you in the court meeting to ask for longer period of payment of 3 – 5 years. This is eligible only for your past balance of debt. You need to keep paying the current part of your debt accordingly.