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File a Chapter 13

If you are trying to find solutions to get out of debt, you may wonder if you need to file Chapter 13 or risk losing everything. Filing for bankruptcy is only one options for people that are struggling to pay their bills. Changes in lifestyle, downsizing and credit counseling have helped many people regain control of their finances. Finding an advocate to help you explore your options is an excellent place to start.

An experienced bankruptcy attorney is your best resource for charting a path to financial recovery. Your attorney will discuss your financial circumstances in depth to determine if bankruptcy is right for you.

Determining Eligibility

If he thinks that you are a good candidate to file Chapter 13, he will ask you to make a list of all assets and debts. Since this type of bankruptcy does not eliminate all of your debt, your attorney will determine how much you will be required to repay and whether you are financially able to follow a structured repayment plan.

Credit Counseling and Debt Education

People who file for bankruptcy are required to attend credit counseling and debt management classes before their reorganization is approved. These classes provide valuable information about how to avoid a financial crisis in the future. In addition, attendees learn tips and techniques for working with creditors and managing credit card debt.

Preparing the Paperwork

Your attorney will prepare all documents when you file Chapter 13 and delivery them to the court for review. These documents provide a complete listing of all creditors, your income and assets and the proposed repayment plan. Normally, the repayment schedule will be set for a period of three to five years. It is important to understand that you may be required to start making payments even before your bankruptcy is approved. You must make payments on time every month or the court could dismiss your case.

Complications For A Speedy Approval and Success Completion

If you are behind in your mortgage, only the past due payments are considered when you file for bankruptcy. This means that even if your case is approved, you must still prove you can make current payments along with your structured payment.

Creditors sometimes contest the amount of the debt you list or the repayment plan. Your attorney and the court appointed trustee will try to reach an equitable solution, but the court will make the ultimate decision.

Old debts and unreported income that are discovered after the documents are filed can present problems for filers.

Failure to make payments while the case is pending might jeopardize your approval.

If you decide to file Chapter 13, be diligent. Tell your attorney about all cash, property and items of value, including cash-value life insurance and inheritance money. Try to provide a thorough list of creditors and contact information for verification. Your attorney is on your side. Don'€™t keep any secrets from him that could prevent your case from being approved if they are discovered later.

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