Is Chapter 13 Bankruptcy Right For Me?

Examine This Important Question with A Local Chapter 13 Bankruptcy Lawyer

How you, your Chapter 13 bankruptcy lawyer and the court assess your finances will play a big role in determining whether filing Chapter 13 bankruptcy is something that you want to do. We know it can be difficult when financial problems hit home, but you may still take control of your situation with the right information and a bankruptcy attorney at your side.

In order to answer the question asking “Is Chapter 13 Right for Me?”, you will need to assess your financial situation. Make this process a whole lot easier by letting Chapter13.Me connect you with a local bankruptcy lawyer – get started by filling out our free bankruptcy case evaluation form or calling 1 (888) 632-0504, and we’ll do the rest.

There is no question that many individuals are facing tough economic times. Statistics available from the Administrative Office of Courts reported that 1,085,471 people filed bankruptcy in 2007.

With that said, let’s take a look at your options.

Is Chapter 13 Bankruptcy The Best Option for You?

Chapter 13 bankruptcy is very different from Chapter 7 bankruptcy. When you file Chapter 7 bankruptcy, you are effectively requesting that the court wipe out your debts and give you a fresh start.

However, with a Chapter 13 reorganization of your debts, you are asking the court to approve a repayment plan. If the court chooses to accept your plan, then you will make payments to the trustee assigned to your case and the trustee will distribute the funds to your creditors.

When Chapter 13 Bankruptcy May Generally Make Sense for Your Needs

Chapter 13 may be something that you want to consider in more detail if you:

• find yourself behind on your mortgage and/or car payments and want to make up the payments and reinstate (affirm) the original agreement.
• you own such property that you don’t want to lose.
• you have already received a Chapter 7 discharge within the last 6 years.
• you really want to pay your debts, but you need the protection of the bankruptcy court to do so.

When determining Chapter 13 eligibility, you need to show that you have steady, regular income and that you have disposable income, which means that you have enough money to meet your basic needs each month and still pay your creditors.

You may determine if your disposable income is enough by creating a budget with a local Chapter 13 bankruptcy attorney. The budget you create will then be reviewed by your trustee and creditors. This is the process where either the trustee and /or creditors will be able to speak or forever hold their peace in terms of the structure of the budget.

Explore Chapter 13 As It May Apply to You with a Local Bankruptcy Attorney

Need more information when examining whether Chapter 13 is right for you? Just complete our free bankruptcy case evaluation form or call 1 (888) 632-0504. We’ll use the information to connect you with a Chapter 13 bankruptcy attorney near you as soon as possible.

It’s that easy at Chapter13.Me, where it’s all about examining how Chapter 13 bankruptcy may provide solutions to your financial problems.