How Chapter 13 Bankruptcy Is Helpful And What You Should Know

4 October 2019
 Categories: , Blog


Chapter 13 bankruptcy is a common form of legal paperwork that can help you avoid further problems. This comes about when you owe a lot of money to a creditor and want to get some relief from this debt. It's a sensitive matter that you will need to address to the fullest, and this requires you to know as much as you can about bankruptcy, how it can be helpful to you, and what you'll have to do. 

Consider the points in this article so that you can put together a bankruptcy case that helps you. 

Chapter 13 bankruptcy and why it can be useful 

Learning about Chapter 13 bankruptcy is the first step as it requires you to weigh whether you should take this lane or file for Chapter 7 bankruptcy instead. The major difference you'll need to know about Chapter 13 is that it lets you pay off any debt you are holding within a time span of three to five years or so. If you are going to get this form of debt relief, it's important that you think about the kind of budget you will have when putting together a payment plan. The last thing you would want to do is put yourself in a bigger financial bind because you weren't able to afford the payment plan. 

Take the time to figure out your financial situation and get professional credit counseling that'll be useful to you when you move forward with your bankruptcy decision. 

Touch base with financial professionals and sort out your bankruptcy needs

It's important that you give yourself a good jump on your bankruptcy situation by hiring a legal professional. Though you can do research on your own, there really isn't a substitute for having a lawyer address every issue for you point by point. 

Once you start looking for a bankruptcy lawyer from a firm like C. Taylor Crockett, P.C., you'll need to ask about their price structure to see if it fits your price range. If you know anybody that has filed for bankruptcy, be sure to ask them if they have a lawyer that they would recommend. 

On top of hiring a lawyer, you will want to reach out to an accountant who can help you figure out the ideal payment plan for your budget and current financial picture. 

If you're in a pinch and want to fix your finances, sometimes filing for bankruptcy is the best thing to do. The tips above will assist you.