| Chapter 13 bankruptcy is a restructuring bankruptcy, | | | | document you can rely on. To this end, it may be very |
| one in which you use a portion of your income to pay | | | | beneficial to discuss your situation with a qualified, |
| off your debts over a set period of time. Unlike other | | | | experienced bankruptcy attorney. |
| forms of bankruptcy (such as Chapter 7), in which | | | | With that in mind, the following tips may be able to help |
| property is liquidated and the profits used to pay off | | | | you and your family get out of debt on time and with a |
| debts, restructuring bankruptcy protection allows you | | | | minimum of problems: |
| to keep the majority of your possessions. As long as | | | | · Set realistic goals. The consequences to failing to |
| you keep making your payments in accordance with | | | | meet your payments can be severe, and should be |
| your agreement, you will be able to keep your | | | | avoided at all costs. While you may initially think that |
| property. | | | | setting a very aggressive repayment plan will help you |
| The key to any Chapter 13 filing is the repayment plan | | | | get out of debt faster, it won't help you at all if you |
| that you make for it. The terms of this plan will | | | | can't keep to it. |
| determine how successful you will be at overcoming | | | | · But be responsible. Don't lowball your proposal to |
| your debt. Because of the complexity of the plan and | | | | the point that the courts will not accept your proposal. |
| how important it is to you, your family, and your future, | | | | It's important to make sure that you draft a plan that |
| it is vital to know that you've crafted an arrangement | | | | can repay your debts in a reasonable time period. |
| that is both aggressive enough to ensure that you get | | | | · Discuss your case with a lawyer. An experienced |
| out of debt on time, but realistic enough that you are | | | | bankruptcy attorney can help work with you to make |
| able to consistently make the payments. | | | | sure your needs are met and that your repayment |
| Because of how much is resting on the repayment | | | | proposal will be accepted by the courts. |
| document, it's important that you know you have a | | | | |