Chapter 13 bankruptcy is often more complicated than Chapter 7 cases. Clients often file Chapter 13 when they are facing foreclosure or repossession of their vehicle. You might also consider this kind of debt relief if you have significant assets you don’t want to forfeit to the bankruptcy trustee. In order to save the most money, you’ll need experienced Chapter 13 bankruptcy representation. A skilled attorney will work hard to ensure all of your debts are included in the bankruptcy.
Filing bankruptcy requires filling out a lot of forms and filing them with the court. You would spend a lot of time with your attorney as the documents are completed and filed. It is important that everything is completed accurately, so your creditors are paid the proper amounts. Your Chapter 13 bankruptcy representation would ensure everything is done correctly, so you won’t run into problems down the road.
There are many advantages to using bankruptcy to settle your debt problems. You’ll make only one payment every month and it would probably be a lot less than what you are paying now. Debts included in your bankruptcy will be paid by the trustee, according to their priority. Family obligations and secured debts are usually paid first. After those are paid, the trustee will divide the rest of your monthly payment amongst your unsecured creditors. You will continue making your payments this way for up to 5 years. When your bankruptcy is discharged, any unpaid, unsecured debts will be eliminated.
Using bankruptcy to solve your debt problems can give you a break from unmanageable bills. If you are ready to get out of debt, schedule a consultation today. Most people feel relief as soon as they consult with an experienced attorney and learn how Chapter 13 bankruptcy can help them. With less money out of your pocket every month and all of your obligations paid, you’ll have more peace of mind. While you are paying off your debts, you’ll learn the discipline it takes to stay out of debt and have a more promising financial future.
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