For many people, having to file bankruptcy might feel almost like a failure. What these individuals don’t think about is that this process is actually an important financial tool that can help them to regain control over their finances when things are spiraling out of control. We know that you might not have all the information you need to move forward. We will work with you to find out what you need to know.
If you have an income and some assets that you want to protect, such as your home, filing a Chapter 13 bankruptcy might be in order. You need to ensure that you understand what this chapter does. For one thing, you will have to live on a tight budget for a while since this bankruptcy requires you to make consistent payments to the bankruptcy trustee. These payments are planned out ahead of time, so you will have to follow the schedule.
On top of the payments you have to make, you also need to have some counseling and education about financial matters in order to have your case finalized. These are meant to help you learn how to make responsible financial decisions so that you don’t have similar issues in the future.
Anyone who is considering filing for a Chapter 13 bankruptcy needs to remember that people get into a tough spot financially for a variety of reasons. Unless there is fraudulent credit activity at the heart of the case, the reason you are in this position won’t really matter. What matters right now is that you are doing your best to take a responsible route for addressing a crushing problem.