Mounting debts can seem like a never ending battle when you are getting notices and phone calls from creditors. When things get to be too much, filing Chapter 13 bankruptcy can be a way to regain control of your financial situation. Last week, we discussed some of the requirements for this form of bankruptcy. That post might have some of our readers wondering what they should do if they need to seek the protections of Chapter 13 bankruptcy.
By filing Chapter 13 bankruptcy, you might be able to protect your home and car. It might even be possible to preserve some of your savings while still getting the protection you need. Exemptions for Chapter 13 bankruptcy are more lenient than those associated with Chapter 7 bankruptcy.
We understand that filing bankruptcy isn’t something that most people want to do. We understand that it is a difficult decision to make, but it is one that is best made after you have all the necessary information. Getting answers to any questions you have is a vital step in preparing for bankruptcy.
With the housing crisis and all the issues with the economy, it is easy to understand why some people might need to seek options for dealing with overwhelming debt. That debt might be from credit cards, medical bills, or loss of income. It might be from having to pay student loan payments so high that other financial obligations had to be put on the back burner. No matter why you got into debt, Chapter 13 bankruptcy might be a viable option to get a fresh start.