What You Need To Know About Chapter 13 Bankruptcy
Posted on: 28 April 2019
We can always hit a rough patch in our finances. Many great people have come back from financial calamities that you couldn't imagine, so if you need to file bankruptcy, don't feel as though it's the end of the world. Chapter 13 bankruptcy is a common strategy that people use when they need to get their finances back in order. If you would like to learn more about this, how to address it, and how it can help your finances, use this information.
Chapter 13: Bankruptcy, the ins and outs, what it means for your finances, and how to get the assistance you are looking for
For most people, Chapter 13 bankruptcy is the ideal option when you need some financial breathing room. What it does is creates a payment plan over the course of generally three to five years, so that you can pay back your debt and get creditors off your back for the time being. This is different from Chapter 7 bankruptcy, which usually involves liquidating your assets instead to handle your debt.
This is a legally binding process that protects you and gives you the helping hand that you deserve to rebuild your finances. The beauty is that all you need is consistent income to qualify for Chapter 13 bankruptcy. It would behoove you to hire some financial professionals or a bankruptcy attorney to walk you through every step of this process. They will help you with the filing and communicate on your behalf as you go through the process.
Learn some solid financial strategies and set goals to use this bankruptcy period to your advantage
It's also time to figure out what you can do to make sure that you no longer have to deal with the financial nightmares that caused you to file for Chapter 13 bankruptcy. This means creating a budget, getting all your bills out on the table, and figuring out what financial habits are creating problems for you. It would also be wise to hire the help of a financial counselor so that they can help you implement these strategies, and check in with you regularly.
Getting the help of a counselor will not only guide you through bankruptcy but also assist you in building up your credit score, which will be huge coming off the heels of this filing.
Utilize the tips presented so that you can not just get bankruptcy help, but build your finances for a prosperous future. Reach out to a company like Haven Law Group, P.C. to learn more.
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