Many people think that bankruptcy proceedings are stacked against them and favor the creditors. However, a recent Supreme Court ruling proves the opposite. The judges voted in favor of fair Chapter 13 payment requirements for debtors.
A Chapter 13 bankruptcy allows an individual to reorganize their debts into a monthly payment plan that seems fair to everyone involved—debtors, creditors, and bankruptcy trustees. A Chapter 13 bankruptcy is supposed to allow monthly Chapter 13 payments which are affordable and is determined by the debtor's income, among other criteria. In Hamilton v. Lanning, the debtor in this case, did not have a high income, but was paid a large short-term sum from a former employer. Her creditors abused the facts of her situation to argue for a much larger Chapter 13 payment than she could possibly pay. The Supreme Court, in an 8-1 decision with Justice Scalia dissenting, supported the debtor's view that her Chapter 13 payments should not be based off her temporarily inflated monthly income, but by her normal expected income.
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This means a bankruptcy court is more understanding in determining your monthly Chapter 13 payments than what many people expect. While creditors want to get the most money possible from a debtor and will abuse the facts to do so, this case has proved that the end result of a bankruptcy should be in the best interest of you, the debtor.
Everyone who is considering a Chapter 13 bankruptcy will welcome this development. This only confirms the fact that bankruptcy exists to help working families get back to solid ground. This additionally proves the strength of a great Chapter 13 bankruptcy lawyer. While you are able to file a Chapter 13 bankruptcy by yourself, you really should consider the benefits that a bankruptcy attorney can provide. Any bankruptcy lawyer worth their salt will follow the most recent cases in bankruptcy law so that they can get you the most fair Chapter 13 payments.
What should you look for in a good bankruptcy lawyer? Do your research! Look for someone who provides free information on the latest developments in Chapter 13 bankruptcy law. Any bankruptcy attorney that takes seriously informing their clients about every step of a bankruptcy is a lawyer with your interests in mind. And, fortunately, so does the U.S. Supreme Court!
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