When it comes to filing for Chapter 13 bankruptcy, it is imperative for you to know what is required of you so that your petition is successful. Chapter 13 can offer you much needed relief from being harassed by debt collectors and creditors. Chapter 13 bankruptcy is a bit different than Chapter 7. If you decide to file for Chapter 13, you get the opportunity to pay off all of your debts on a payment plan. You do not have to give up or lose any of your property in the process. Many times when someone opts to file for bankruptcy, they are trying to avoid being responsible for their debt, which will cause their credit score to suffer. But with Chapter 13, when you are finished paying everything off, your credit will not suffer as much.
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If you are behind on your car note and mortgage and you do not want to lose them due to foreclosure and repossession, than you want to file for Chapter 13. First, you will want to get a Chapter 13 attorney to guide you through the process. A chapter 13 attorney can help you in several ways. They can negotiate lower installment payments so that you are able to be more comfortable while you are catching up on your delinquent payments.
Getting all of the documentation and paperwork that the bankruptcy courts require can be time consuming and make you want to pull out your hair in frustration. This may be the first time you see and hear the language associated with filing for bankruptcy, and you don't want to waste a large amount of time trying to learn everything on your own because there are deadlines that must be adhered too. This is where your chapter 13 attorney can step in and do all of the work for you. All you need to do is provide them with any supporting documents that are being requested and they will do everything else. Have an attorney can really speed up your bankruptcy case and get it resolved in your favor.
Keep in mind that filing for chapter 13 bankruptcy means that you are agreeing to pay off your outstanding debts over a three to five year time frame. If after the courts grant your petition, something occurs where you experience a change in income or you need an amendment, all you need to do is inform your lawyer. They will contact the courts and file all of the appropriate paperwork so that you are not in violation of your agreement. You want to keep in touch with your chapter 13 attorney until you are completely finished paying off all of your debts. Once you have completed your requirements, your chapter 13 attorney can file for the paperwork to get your bankruptcy discharged.
You can move on with your life and feel relieved that you did not have to lose any of your property or assets while you getting caught up with your financial situation.
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