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There are always situations in your life when you run into tough times and might miss some important payments, and if it’s your mortgage payments, you are faced with the risk of being foreclosed on and losing your home as well as the equity you’ve accumulated.  A foreclosure is the last thing that you want to happen, so perhaps filing for bankruptcy could help save you from such a horrendous situation.

Anyone who has a regular flow or source of income, like being a small business or on salary, is allowed to file for Chapter 13 bankruptcy. Most repayment plans allow you to pay off a portion of your total debts within a period of five years.  But there are some restrictions to making a filing under Chapter 13. One of those limitations is a maximum allowable for personal loans which is set at $300,000 and for total loans the limit is $922,000.

It is always essential to first determine whether bankruptcy would be the best solution for your particular case.  Once you decide to file for bankruptcy, make sure whether Chapter 7 or Chapter 13 would be the right bankruptcy option.  You can start by consulting with a bankruptcy lawyer to help you get a better understanding of the new bankruptcy laws.  Next, you will have to record a petition with the bankruptcy court of the district where you reside.

While these forms may be obtained from the court, it may be easier to get them at a local stationery shop. In addition, you will have to record supporting documentation, such as a listing of assets and liabilities and an itemization of present income and expenses.  You will also need a list of any exempt assets, as well as unexpired leases, you have. Pay all required fees, such as the court filing fee and administrative charges, and all collection activity by your creditors will be stopped until the case is adjudicated by the court.

At the same time that you file the petition, or within fifteen days, you have to submit your plan for the repayment of your debts. When you show up for the confirmation hearing the bankruptcy judge will have something to say about your repayment plan. The judge’s decision is then passed on to the creditors and they can register their objections, if any, to the payment plan you are proposing. Once approval of the court has been obtained, the last step involves simply making the payments as per the agreement.

Most people find that filing all the necessary paper work and clearly presenting their case to the court is beyond their capabilities, so they use the services of an experienced bankruptcy lawyer.  A bankruptcy attorney will take your side and represent your situation in the best possible light to give you a result you can live with. A good attorney will show all that you need to know about how to file for bankruptcy for the best possible outcomes.

In any situation, making a Chapter 13 bankruptcy filing is better than signing on with a credit consolidation service or plan which not only assesses you expensive monthly fees, but also requires that interest continues to accrue on your debt. Again, if you have any questions, see a good attorney who will help you make the choice that is best for you.

In summary, bankruptcy is a productive manner by which many kinds of debt may be erased to give you a new financial start.

To contact a bankruptcy or other debt relief specialist in your local area, call us directly. We understands what you are going through and can help you get on with your life.

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