Vance P. Truman, Attorney at Law
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Chapter 13 bankruptcy may save your home

Realizing that you aren't able to pay your bills is a harrowing experience. You have probably already sat down and looked at your budget many different ways to try to make the numbers work. Once you come to the conclusion that it just isn't possible, it's time to make a plan.

One of the options that you have is to file for bankruptcy. Many people opt to file for Chapter 13 protection. This enables you to consolidate the debts under the guidance of the court. You then make the payments to the bankruptcy trustee for three to five years.

The payments you make are split between your creditors. Once you're done making payments to the court, the remaining balances are discharged and you can begin rebuilding your finances.

Filing a Chapter 13 bankruptcy can also save some of your assets. Any assets you own are divided into two categories – exempt and nonexempt. The exempt assets aren't touched by the bankruptcy court. The nonexempt ones are taken by the court and liquidated to help you pay off your creditors.

People who are trying to avoid foreclosure might opt to pursue a Chapter 13 bankruptcy. If you opt to do this, you need to have a plan for addressing the past due balance on the mortgage.

Not everyone qualifies for a Chapter 13 bankruptcy, so your first step is finding out if you qualify. If you do, you can move forward with completing the requirements for the filing. You'll then be on your way toward the financial relief and fresh start you need.

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