Do You Need to File?
Obviously, the initial decision you must make is whether filing for Chapter 13 bankruptcy is the best course of action. This type of filing does not eliminate your debts; rather, it allows you to establish a payment plan over a specified period of time. Once the procedure is completed and approved, your creditors must also adhere to this payment schedule.
It allows you to retain the majority of your assets, and in some cases, some of your debts may be discharged. Before filing for bankruptcy, you may want to investigate other options, such as a debt consolidation loan or working with a consumer credit organization.
Hiring a Lawyer
If you have determined that Chapter 13 bankruptcy is unquestionably what you want to do, the next step is to decide whether or not to employ a lawyer to guide you through the process. It is generally a good strategy. Most of us are unfamiliar with the legalities of insolvency, and a crash course followed by an attempt to handle everything on your own could derail. If you hire a lawyer to represent you, you will have a greater chance of achieving the best potential outcome. However, it is not necessary to be represented by an attorney in order to petition.
Maintaining Your End
Once your payment schedule has been established, you should do everything possible to uphold your end of the bargain. Even though Chapter 13 bankruptcy has a negative impact on credit, it is advantageous for future creditors to see that you fulfilled your financial obligations and paid off all debts according to the payment plan.
You are able to survive a Chapter 13 bankruptcy and even improve your financial future. Consider the option carefully, and if you decide to proceed, ensure that you are comfortable with each stage of the process.
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