Numerous consumers are finding themselves looking at bankruptcy chapter 13 as they are in financial troubles that they simply cannot find a way out of. In such types of cases, many people are trying to file a chapter 13. A chapter 13 is where the courts will take your total claimed financial obligations and determine a repayment plan that agrees with what you can realistically afford.
For those who have some money to pay their creditors every month, but that might not have enough to pay as much as the creditors want from them, the chapter 13 may be the way to go. This type of bankruptcy chapter 13 will allow a consumer 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 bad mark due to a chapter 13 on the credit report is worth it. When examining such proceedings though, it is crrucial to keep in mind that there is also a chapter 7 instead of chapter 13. This is where the bankruptcy court determines that the consumer 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 viewed individually. In a chapter 7, unlike the chapter 13, the judge will discharge 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 something 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 based on the information and case that the lawyer presents. This is why it is so crucial to make sure that you are using a lawyer that knows what he or she is doing. An attorney with extensive experience with chapter 13 and chapter 7 cases is ideal because they recognize how to present your particular financial data to get the desired result. It does not guarantee it but if your information is presented correctly, you have a significantly better chance of being approved to file the chapter of bankruptcy that you want.
The best thing to do when considering 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 understand what your rights are, what your obligations are, what your options are, and what you can do to provide yourself with a clean start over again. Since your whole case is determined by how well your attorney presents your financial situation, it is important to make sure that you are being smart when you obtain your lawyer.
So whether it is a chapter 13 or a chapter 7 you should make sure that you are being super careful when you start thinking about getting more credit again. Since you can only file each chapter once every seven years, including chapter 13, it is important to make sure 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 want to treat lightly so be cautious.
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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
