So many individuals are finding themselves looking at bankruptcy chapter 13 as they are in financial problems that they just cannot find a way out of. In such types of cases, many individuals are running to file a chapter 13. A chapter 13 is where the courts will take your total claimed financial obligations and establish a repayment plan that fits in with what you can really afford.
For those who have some money to spend on their creditors every month, but that may not have enough to pay as much as the creditors want from them, the chapter 13 is the way to go. This type of bankruptcy chapter 13 will allow a person to come through and pay everything they owe but there will be a negative mark on the credit report for filing such a process.
Ultimately, for those who cannot afford to pay back their creditors any other way, the negative mark due to a chapter 13 on the credit report is worth it. When it comes to such proceedings though, it is critical to remember that there is also a chapter 7 instead of chapter 13. This is where the bankruptcy court deems that the individual filing truly does not have the income or the capability to pay back the debt through a chapter 13. The reasons behind this could vary and each case is taken individually. In a chapter 7, unlike the chapter 13, the judge will dismiss all of the individual's debt and leave them without owing a thing.
While chapter 7 is something that may sound more inviting than a chapter 13, it is a decision that only a judge can approve you for. It is not up to you or your attorney as to which chapter you file. The specific chapter you will end up filing will be the conclusion of the judge who makes his or her decision dependent on the information and case that the lawyer presents. This is why it is so critical to make sure that you are using a lawyer that knows what he or she is doing. A lawyer with a lot of experience with chapter 13 and chapter 7 cases is perfect because they recognize how to present your particular financial data to obtain the desired result. It does not guarantee it but if your info is presented correctly, you have a much better chance of being approved to file the chapter of bankruptcy that you want.
The best thing to do when looking into the filing of bankruptcy, no matter what chapter you may think you will end up with, is to get a free bankruptcy chapter 13 evaluation. This is the best way to determine what your rights are, what your obligations are, what your options are, and what you can do to provide yourself with a fresh start again. Since your whole case is determined by how well your lawyer presents your financial situation, it is critical to make sure that you are being wise when you retain your lawyer.
So whether it is a chapter 13 or a chapter 7 you should ensure that you are being exceedingly careful when you begin considering getting more credit again. Since you can only file each chapter once every seven years, including chapter 13, it is critical to ensure that you are not getting into more trouble. If you over extend yourself once more, you might not qualify for either a chapter 13 or 7 again. Bankruptcy chapter 13 or even a chapter 7 is not something that you should treat lightly so be careful.
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Bankruptcy Chapter 13 as well as getting a free bankruptcy evaluation from a qualified bankruptcy attorney in your local area, please visit our web site at http://www.bankruptcy-data.com
