Chapter 13 bankruptcy offers individuals who are overwhelmed with debt that chance to alleviate some of that hassle by offering a debt repayment plan or a plan that clears the debt off your record, giving you a fresh financial start. You probably never planned to see the day that you’d need Chapter 13 assistance, but that’s kay. It’s not a sign that you’ve failed in life. Everyone faces financial turmoil. Is important that you realize when you are in trouble and get help. Chapter 13 is assurance that you are on the right track.
But, don’t try to do it alone. There are so many steps needed to complete a Chapter 13 filing. You should consult with a chapter 13 lawyer orlando fl to ensure those steps are completed as they should be. Lawyers charge nominal fees for their service, but certainly make completing bankruptcy less painful. Chapter 13 plans last for periods of 3 to 5 years and help you reestablish yourself as a person with good credit intentions. Life is again simple and smooth when you have good credit and that is what Chapter 13 helps you do. Chapter 13 shouldn’t be your first option but should certainly be considered when it’s time.
Bankruptcy isn’t complete until you go before a judge who makes it official. Keep in mind that not everyone qualifies to file for Chapter 13, but most people do. In order to file, you must have a certain amount of established debt and the means to repay the money. Don’t think that the bankruptcy courts will take all your money and leave you high and dry; this simply isn’t the case. You set the amount of repayment according to a budget you can afford. Chapter 13 is designed to help its users succeed, not the other way around.