If you are like the 1.5 million Americans opting for bankruptcy annually, you may want to make the best of a bad bargain. Being saddled with a mounting debt burden is not a pleasant prospect, and most people want to put unpaid debts behind them in the shortest possible timeframe and get on with their life, unencumbered by debts.
This is the primary reason why chapter 7 bankruptcy petitions are mounting - the short time frame of the proceedings, typically four to six months, makes it a very attractive option to debtors. Added to this is the fact that a chapter 7 petition can wipe out unsecured debt such as credit card dues - the reason for the rising popularity of bankruptcy petitions under chapter 7 becomes readily apparent.
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But is this the only option that is available?
Some chapter 13 bankruptcy information can clear up the air quickly and provide you with an alternative.
If you or your spouse are earning steady wages and the monthly income of your household is considerable, then you may not be eligible to file for bankruptcy under chapter 7. Chapter 13 lets wage earners with unmanageable debts to repay their debts gradually over 3-5 years. Like chapter 7, the automatic stay is applicable to chapter 13 too.
If you have foreclosure or repossession pending, you can buy some time to renegotiate a repayment and save your property. You are also legally protected from harassment by you creditors once the stay is activated. This bit of chapter 13 bankruptcy information is enough to save you sleepless night and bring down your stress levels.
Rather than going it alone with filing for bankruptcy under chapter 13, you may need to hire a bankruptcy lawyer who is well-versed with chapter 13 bankruptcy cases to file your petition and represent you.
A good attorney is likely to have useful chapter 13 bankruptcy information that is applicable for your case and can help you draw up a comfortable repayment schedule, otherwise, your bankruptcy petition may be dismissed.
Once the attorney has your financial status, your month expenses and your other commitments into account while drawing up the plan, he can file it in court. You may need to present proof of your income to the court so that a fair assessment of the plan can be made. Once the plan is accepted by the trustee and the creditors, you are ready to start repaying your debts.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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