There are a few different types of bankruptcy that individuals can file for. To determine which is right for you and your own needs, you should reach out to a bankruptcy lawyer in your state. He or she can go over your assets, your income, and everything you owe to help choose which type may be right for you. If you decide that filing for Chapter 13 bankruptcy might be the best option, you need to set up a consultation with a Chapter 13 bankruptcy lawyer, right away. The sooner you begin to face your debt head on, the faster you will be able to start moving toward a positive place financially.
A Few Reasons Chapter 13 Might Be Right for You
Chapter 7 and Chapter 13 bankruptcy are the two most popular forms for individuals who need to file for bankruptcy. Chapter 7 will liquidate many of your assets and do its best to eliminate your debt by selling your things. Chapter 13 could be right if you are making a steady income that is greater than the state’s median income, when you want to keep many of your assets, and if you are behind in your mortgage and need to be able to catch up. It is the right option for being able to keep your home and some of the items you have, but every case is unique and different. If you have particularly extravagant items or housing and an incredible amount of debt, this may not be an option that you are able to execute.
Chapter 13 Bankruptcy Will Not Completely Destroy Your Credit
You can begin working on building your credit back immediately after filing for Chapter 13 bankruptcy. It can take 3-5 years for this to resolve after filing, but it still should be rebuilt as you go. You may want to consider hiring a financial planner to help you get on the right track to financial success after declaring bankruptcy. After all, you want to be sure that you do not fall back into any unhealthy habits or put yourself in a bad situation after cleaning everything up. These are all things you can speak with your Chapter 13 bankruptcy lawyer about so that you are set up for success.
Do Not Hesitate to Reach Out
You should speak with a bankruptcy lawyer as soon as possible so that you can begin paving your way toward financial success. You may feel like your case is hopeless, but do not fear! Bankruptcy lawyers have seen it all and will know how to begin working to make your situation better. As much as you may feel alone in all of this, there are so many other people who have been through the same thing. Life gets difficult sometimes and it is important to be able to ask for help when you need it. Set up a consultation with a Chapter 13 bankruptcy lawyer today to get started. You will be relieved that you did.