Working a steady job is something that many people have to get used to, especially when they are young. For instance, a young person might end up quitting jobs soon after getting them, which can lead to accumulating debts that are difficult to pay off. The situation then turns into constantly getting calls from creditors demanding their money, and a large amount of stress. If you worked in a sporadic manner during your young adult years but now desire to bring your debts under control, filing for Chapter 13 bankruptcy might be helpful. Continue reading this article if you want to learn more about Chapter 13 bankruptcy to determine if it is right for you or not.
Creditors Will Stop Demanding Money
If you owe a substantial amount of creditors to the extent of your phone constantly ringing with demands for money, filing Chapter 13 bankruptcy might be right for you. If you are able to pay the debts off now because your job has been steady, filing bankruptcy can be great for everyone involved. Basically, the creditors will have to stop calling after a judge has granted you the right to file bankruptcy. Continuing to call you can be considered harassment as long as you don't fall behind on payments. Chapter 13 bankruptcy will legally grant you a few years to pay the debts off, but the payments must be made on a consistent basis.
Your Repayment Plan Must Be Acceptable
The best perk of filing for Chapter 13 bankruptcy is that you have the ability to make a repayment plan that works for your financial situation. The goal of the plan should be to make payments to creditors that are enough money to pay off your debts within a set number of years. However, the payments shouldn't be set too high because it can keep you in a stressful financial situation. Keep in mind that although creditors will have the ability to accept or deny your repayment plan, the final decision will be made by a judge. If the judge doesn't agree with your plan, you will have the ability to make adjustments until it is acceptable.
An Attorney Can Help with Filing
If you want to ensure that your bankruptcy case goes smoothly, get help from an attorney. He or she will let you know if your Chapter 13 bankruptcy case is likely to be accepted by a judge or not. You must meet certain qualifications to get approved for bankruptcy. An attorney will also assist with coming up with the most ideal repayment plan so you won't have to worry about it not being accepted. Contact a bankruptcy attorney like those at Haven Law Group, P.C., to learn about some of the other services that can be provided.