Sacramento Chapter 13 Lawyer Makes Repayment Of Debts Easy

In Sacramento chapter 13 lawyers helps you to consolidate your debts and relieve you from the burden of debt. Vehicle loans and student loans are made easy by them.

If you are worried about the fact that you have just filed a case of insolvency and anticipating the loss of your assets, then be sure you can get rid of all your debts without losing any of your assets. Generally two types of bankruptcy are available. One in which you have to sell off all your assets in order to repay your debts and the other one where you can pay to your creditors in monthly installments over a prolonged period of time, and the best part is that you do not have to sell any of your assets.

Consolidate your debts

A chapter 13 lawyer helps their clients to consolidate their debts by making easy monthly installment to the money lender. The payment plan is prescribed by the court, and they have to repay it over a period of three to five years time. Both the duration of the loan and the amount of the loan to be repaid depends on monthly income of the client, monthly bill paid by the client, the expenses of the client and most importantly on the amount and the nature of their debts. With this type of debt consolidation citizens of Sacramento can be released from the burden of debt after the duration of 36 to 60 months.

Regular income is essential

An important aspect of this type of bankruptcy is that the client should have a regular source of income. As the court sees to it that you can pay the monthly repayment, as well as be able to pay the court to consolidate your debts. This type of bankruptcy is widely used in repayment of mortgage especially when your home is pawed and also while restructuring automobile loans to save the vehicles. Loans can be consolidated on the balances of students loan, credit card loans and other unsecured debts are also covered under this. Once the clients repay their debts they are discharged by the court of all their dues.

If you are living with the fear of losing your vehicles to the recovery agent, a Sacramento chapter 13 lawyer can help you save your vehicle. With the help of the debt consolidation which falls under the ambit of this type of bankruptcy the past due payments and the remaining balance can be consolidated, which you can pay off in the next three to five years time. You do not have to pay anymore to the finance company but to the trustee. The students of Sacramento can consolidate their due payments of their students loan through this.

Author Resource:

This article is written by James Stew. With the experience he felt the need to educate the people about legal matters, what better could he find than writings. He puts in regular information about Sacramento bankruptcy lawyer. For more details please click here.