Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.
There are several advantages to Chapter 13 bankruptcy, including the ability to save secured assets and t
When you are dealing with a lot of debt, it can be hard to know where to turn. Filing for bankruptcy seem
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If you have thought about applying for bankruptcy, but you are not sure if chapter 13 is right for your particular needs, you will want to keep reading. This way, you will know more of what to expect and what your next steps should be in order to get you out of the financial trouble that you currently find yourself in.
You Have A Steady Source Of Income
If you have a steady source of income and it is enough to pay your regular monthly bill amounts, then chapter 13 bankruptcy might be the best option for you. Many people find that they can make their regular payments, but just cannot handle the large repayment plan amounts that their creditors are demanding -- if they are even willing to offer them a plan at all. With chapter 13 bankruptcy, you will have one payment plan through the bankruptcy courts. You make that one payment and they will distribute the funds to your various creditors as decided by the courts.
It Is Easier On Your Credit
While it is true that filling a chapter 13 bankruptcy will impact your credit score in a negative way, it will not be as bad as a chapter 7. This is because with chapter 13 bankruptcy, you are still repaying the debt that you owe, which is a good thing. With a chapter 7, the debts are completely wiped out by the bankruptcy court. Both will be noted on your credit report for many years, but you may have an easier time explaining your need for a chapter 13 to lenders that you want to work with in the future.
You Don't Have To Give Up Your Assets
In a chapter 7 bankruptcy, you generally have to give up extra vehicles or vacation property in order pay as much as you can toward the debt you owe before the remaining balance is wiped out by the courts. This is not a requirement of chapter 13 -- you can keep all of your extra assets as long as you follow the terms of the repayment plan. If you fail to comply with the plan that the courts give you, your case may be dismissed and your creditors could foreclose on properties or repossess vehicles that have liens against them.
For more information about how chapter 13 bankruptcy would work in your favor, you will want to schedule an appointment with a bankruptcy attorney in your area today.
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