If you are filing for Chapter 13 bankruptcy, you must understand that you are making a wise financial decision. Your situation might overwhelm you, but there is a way forward. If you need help proceeding, a Chapter 13 bankruptcy attorney can help you.
There is Nothing Wrong with Filing Chapter 13
Chapter 13 bankruptcy is a legal remedy for a financial problem. You are just one of many Americans who have made this decision and are being responsible by developing a sensible and legal plan for paying your bills.
Learn About Your Legal Rights
You'll need to learn as much as possible about the Chapter 13 process to get started. To do so, schedule a free consultation with a Chapter 13 lawyer. While there are resources you can access, they might need to be updated or tailored to your unique situation.
A Chapter 13 bankruptcy attorney will guide you through the complicated process that involves many legal terms, forms, deadlines, and procedures. You must understand what's going on and what's legally required.
Receive Help from Your Attorney
An attorney can help you prepare your petition, negotiate with your creditors, represent you in court, and handle any issues that might arise along the way. The attorney will help you fully understand your income and expenses to accurately report this information to the judge.
For example, you should list rent, utilities, food, transportation, and other costs. When a judge suspects a petition contains inaccurate information, they might reject it. You should wait before filing another Chapter 13 petition.
How to Have Your Chapter 13 Approved
Based on your income and expenses, you must propose a repayment plan showing how much you will pay each month to your creditors over three to five years. Your plan must be feasible, meaning you can make the payments without falling behind on your other obligations.
Your plan must be approved by the court and the majority of your creditors. If they object to your plan, you might have to modify it. However, you are less likely to have to change it if you are working with a Chapter 13 bankruptcy attorney.
Coping with the Stress of Bankruptcy
Because of the financial stress you might be going through, it's essential to reach out to friends and family members for emotional support. You may also need to turn to a therapist for guidance. However, it's necessary to know that you will be getting a fresh start after you have finished paying your bills and have completed your Chapter 13 bankruptcy.Share
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