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Understand what Chapter 13 does for you

Finding out that you're too far in debt to climb out is an important realization. This is a time when you will have to decide how to handle the situation. One of the options that you have is to file for Chapter 13 bankruptcy. This puts you on a plan for repaying a portion of the debts so that you are able to recover financially once the bankruptcy is over.

When you are thinking about filing for this type of bankruptcy, you must ensure that you have the income to make the payments. The court is going to look at the basic bills you have and your income so that a determination can be made about the likelihood that you'll be able to keep up with the repayment plan.

As part of your bankruptcy, an order will be issued that requires you to make regular payments to the bankruptcy trustee. You can't miss any of these, or there might be repercussions. There is a limit to how long you will have to make these payments. Typically, this term is three years, but it might be extended to five years in some cases.

Once you make the final payment, any remaining balances are forgiven. This can help you enjoy the financial freedom that you need. We are here to walk you through the process. Making sure that you have everything filled out properly and accounted for can be beneficial. You also need to ensure that the assets you have are reported properly so that things that are exempt will remain in your possession.

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