In today's society, many people are turning to Chapter 13 bankruptcy as an answer to their financial troubles. Whether your financial troubles are due to careless use of your credit or because you have lost your job and are unable to pay your bills, Chapter 13 bankruptcy can be the answer you are looking for.
It is important that you only turn to bankruptcy after you have carefully gone over all of your other options. For instance, you will want to first try credit counseling and/or credit consolidation. But if all other avenues have been given a shot, then you will definitely want to consider bankruptcy. Do not look at bankruptcy as being your first or only option; rather, it should be considered your option of last resort.
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With chapter 13 bankruptcy, you will want to hire an experienced lawyer to help you through the entire process. An experienced lawyer will be well versed in the laws of your state. Therefore, he or she can make sure you get the most benefit from your bankruptcy.
When filing Chapter 13 bankruptcy, it is important that you have a full understanding of what all is involved. Unlike other forms of bankruptcy, you will still be required to pay off a portion of your debt. However, a repayment plan will be set up by you, your lawyer and the court system.
You will need to submit a summary of all your current debt, as well as your current income. The courts will then approve a repayment plan, where a portion of your debt will be repaid. This generally begins 45 days after the claim has been approved through the courts. It is important to keep in mind that not all claims are approved. Each one is reviewed and a decision made according to circumstances. In other words, filing bankruptcy is not a rubber stamp; you need to be approved by the judge to actually proceed with the filing.
Chapter 13 bankruptcy allows you to keep your current assets. For instance, in most cases you will be able to keep your house and vehicle, unlike with Chapter 7 bankruptcy, which requires you to sell off a majority of your assets to repay your creditors.
No matter what type of bankruptcy you choose, it will have a lasting effect on your credit rating for at least 7-10 years. After you have filed bankruptcy, it will be much harder to obtain any type of credit. If you are able to obtain either a credit card or a loan, it will generally come with a much higher interest rate. It will take a considerable amount of time to rebuild your credit rating and bring it back to a good standing.
Bankruptcy can be a great way to end your financial troubles. However, it is important that once you have filed bankruptcy you change your lifestyle, so that you do not end up back in your current situation. With the help of an experienced bankruptcy lawyer, filing Chapter 13 bankruptcy will be an easier, more effective route to end your financial problems and put you back on the right path.
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