Unlike Bankruptcy under Chapter 7 of the Bankruptcy Law in the United States, in which you can eliminate most or all of your debt, Bankruptcy under Chapter 13 requires that you pay some or all of your debt while over a period of time, which can run for up to five years. As a result, you resort to Bankruptcy under Chapter 13 only if Bankruptcy under Chapter 7 is not possible. In these cases you need to hire a Green Valley Chapter 13 bankruptcy lawyer as soon as possible. You can hire Eric Ollason Attorney in Green Valley for a bankruptcy law firm.
The following provides rationale for filing an application for Bankruptcy protection under Chapter 13 in Green Valley: 1. You have too much income to file an application for Bankruptcy under Chapter 7. 2. You are late in paying your mortgage loan. 3. Your house is in seizure, and you would like to retain it. 4. You have a second home loan for your home that you would like to eliminate without ceasing payments on the first mortgage.
5. You have property that you will not be able to withhold in the case of Bankruptcy under Chapter 7, and you will want to retain it. 6. You have received a rehabilitation from Chapter 7 in the last 8 years. 7. You have debts that can not be rehabilitated into a Bankruptcy under Chapter 7, such as student loans and taxes, which you will want to rehabilitate according to a plan in a Bankruptcy under Chapter 13. Eric Ollason Attorney at Law is a Green Valley based bankruptcy law firm who can help you.