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.
Chapter 13 is the repayment type of bankruptcy. Individuals who file for this type of debt relief are generally able to hold on to their property after their bankruptcy is said and done. The reason that individuals who file for Chapter 13 can hold on to what they have is because they work with their creditors to come up with a repayment plan.
Before deciding to commit to a bankruptcy filing, you will need to go through the process of choosing which bankruptcy Chapter to file for. This is not always simple, because you will need to decide which bankruptcy Chapter would work best for you, and figure out whether you are eligible.
You file for Chapter 13 bankruptcy. You know that means that you're going to have to make monthly payments on the balance of the debt until you pay it back. Since you have a steady income, you know it's possible.
Bankruptcy is a means by which overwhelmed individuals and businesses can seek financial forgiveness. In order to protect the interests of companies that extend credit, the federal government has certain rules and restrictions in place regarding bankruptcy.
Declaring bankruptcy is a big decision, and it is important to carefully consider all the potential benefits, weighing them against the specifics of your situation. Only then can you determine exactly what type of bankruptcy is the right fit for you and how to proceed.
A bankruptcy filing is something often viewed as a negative event in a person's life. This doesn't have to be the case. If you are considering filing for Chapter 13 to reclaim your financial future, you should look at this as a good opportunity to start fresh. We understand that you might have questions that you need answered. We are here to help ensure you understand the process so that you can get things going quickly.
Bankruptcy often has the reputation of destroying financial health, but it can be the first step to freedom from creditors if it is used in the right way and at the right time. The decision can seem daunting and is always worth a lot of thought.
Bankruptcy can be an ugly term; even the direct meaning is an unpleasant allusion to "breaking the bank." But eligibility for different types of bankruptcy and successfully declaring it should not be a defeat. In a way, it is a chance to start over.
Bankruptcy may seem like a bad word, but it exists to help us resolve financial difficulty. When debts are extreme and it seems there is no way out, a successful bankruptcy filing is often the first step on the road to recovery.