Bankruptcy Lawyer
Chapter 13 bankruptcy requires you to pay back your debts through a three to five year repayment plan. One of the main benefits of Chapter 13 is that you get to keep your assets. However, getting through Chapter 13 bankruptcy can still be tricky for some people.
Here are some tips for successfully completing Chapter 13 bankruptcy.
Make a Realistic Repayment Plan
A common worry people have about Chapter 13 bankruptcy is not being able to afford the monthly payments. That’s why it’s so important to create a realistic repayment plan. Take your cost of living into consideration and make a plan that you can stick with. If you underestimate your expenses and select a repayment plan you can’t realistically afford, it will be that much more difficult to complete your Chapter 13 bankruptcy.
Hire an Experienced Lawyer
Chapter 13 bankruptcy can have many complexities, so it’s wise to have someone knowledgeable and experienced on your side. A Chapter 13 bankruptcy lawyer can explain the details about this type of bankruptcy and help you create a payment plan that you can stick with. Stay in touch with your lawyer after declaring bankruptcy and let him or her know about any changes in your life that might hinder you from making your payments. Your lawyer may be able to help you come to the proper solution.
Set Up Automatic Payments
For some people, it can be difficult to remember to make monthly payments. They may have a full-time job and responsibilities at home and just forget. If you are one of these people, consider setting up automatic payments for your Chapter 13 plan. Your payments will be automatically deducted from your checking account each month, so you don’t have to worry about a thing.
Cut Your Budget
To ensure that you can afford your monthly Chapter 13 payments, consider making cuts in your budget. Take a careful look at your budget and think about the expenses you truly don’t need. For example, you might pay for streaming services that you rarely use or get takeout too frequently. If you make these small cuts in your budget, it can give you more wiggle room and help you successfully complete your Chapter 13 repayment plan.