Chapter 13 Filing: Is This Move Right For You?

Jun 21
07:58

2011

Aloysius Aucoin

Aloysius Aucoin

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If you are finding yourself overwhelmed by death, Chapter 13 bankruptcy filing may be right for you.

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There are several different ways to determine what kind of bankruptcy filing is right for you and your family or business. Assessing your needs and ability to pay off your debts is a necessary first step to filing bankruptcy,Chapter 13 Filing: Is This Move Right For You? Articles along with seeking the help of a professional. Filing bankruptcy can be an important step toward living a debt-free life.

One of the first things that a person needs to determine is where the majority of the debt lies. Most people know immediately if the debt is personal debt or if it is tied-up with family farming or other type of business. However, the process of determining where the majority of the debt lies is not easy for everyone. So, taking the time to sort out your debt can be educational.

Once you have managed to determine where your debts are heaviest, you will need to assess your ability to pay off those debts. This will help you determine whether to file chapter 13, 7, 11, 12 or any other type of bankruptcy. For most people, a chapter 13 filing means that they have the desire and ability to pay off their personal debts without the need to liquidate assets.

For example, if you have a decent amount of property and are interested in continuing to own that property, then this can also make a difference in your personal filing. Generally, there are two types of personal bankruptcy filers: those that have little or no property that can’t even manage to pay for basic needs and those with a decent income who can manage basic needs but very little else in the form of debt payment.

At this point in your determination of the type of personal bankruptcy filing to make, you should seek a professional. Even if you believe you fully understand the decisions that need to be made to make your case go as smooth as possible, a professional can help. Find someone with specific experience in either chapter 13 or 7 filings.

Usually you will be seeking the help of a bankruptcy attorney or law firm to assist you in filing the right papers at the right time and making sure you are meeting all of the other state and federal requirements. Compared to the amount of time and frustration a specializing attorney will save you, the money seems well worth it. You do not have to hire an attorney, but doing so could be a good decision.

The most important thing to remember as you are working through all the paperwork, assessments, credit counseling and etcetera is that when you are finished you will be able to take a deep breath knowing you have done the right thing. Living a debt-filled life can be exhausting and for a lot of people life-threatening. Essentially, you are making a decision for your own health when you choose to file.

Chapter 13 bankruptcy filing might be right for you. Assess your debt and talk to an attorney today to start the process.