Debt can be a significant source of stress and financial strain, impacting individuals and families in various ways. Whether facing mounting credit card debt, medical bills, or struggling to make mortgage payments, finding a way to manage debt effectively is essential for regaining control of your finances and achieving long-term stability. While some may attempt to navigate debt management independently, hiring a lawyer specialized in debt management can provide invaluable assistance and expertise.
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Chapter 13 bankruptcy differs from what many people think of as bankruptcy — the liquidation and one-time sale of your assets — by including a repayment plan for eligible debts. And when you choose Chapter 13 bankruptcy, you face one of two time frames: either a three-year plan or a five-year plan. Which should you choose? And can you change your mind? Here's what every debtor needs to know.
Why Choose a Three-Year Plan?
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Filing for bankruptcy is a major decision. The process will have a long-term effect on your credit and will impact the way your creditors can collect debts from you. Here are the basic steps involved in filing for bankruptcy:
1. Gather Your Paperwork
Before you file for bankruptcy, you need to gather the necessary documents. First, you'll need to produce information about your recent financial transactions. This information includes income, property, and debts.
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If you're considering bankruptcy, you might want to know how the system decides who gets relief. Before you file, it's a good idea to understand who makes the decision and how it will likely go down.
Judges
A judge will have the final say in your case. However, there is one base factor that may give some say to your creditors. The type of bankruptcy will determine how much power the creditors have over the outcome.
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One of the most important decisions to make when filing for bankruptcy is whether you should file for Chapter 7 or Chapter 13 bankruptcy. Both forms of bankruptcy can be very useful when you are trying to get out of debt. If you still aren't certain, you should consult with a bankruptcy lawyer.
Your Income Is Too Low
Chapter 13 is referred to as a wage earner's bankruptcy. The purpose of Chapter 13 bankruptcy is to gradually pay off some or all of your debt.
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