So many people are finding themselves looking into 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 flocking to file a chapter 13. A chapter 13 is where the courts will take your total claimed debts and find a repayment plan that fits in with what you can realistically afford.
For those who have some money to spend on their creditors each month, but that may not have enough to pay what 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 bad marking on the credit report for going through such a process.
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In the end, 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 it comes to such proceedings though, it is important to keep in mind that there is also a chapter 7 instead of chapter 13. This is where the court deems that the person filing truly does not have the means or the capability to pay back the debt through a chapter 13. The reasons behind this could vary and each case is looked at individually. In a chapter 7, unlike the chapter 13, the judge will discharge all of the person's debt and leave them without owing a thing.
While chapter 7 is something that sounds more inviting then a chapter 13, it is something that only a judge can approve you for. It is not up to you or your lawyer as to which chapter you file. The exact chapter you will end up filing will be the decision 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 important to make sure that you are using an attorney that knows what he or she is doing. An attorney with a lot of experience with chapter 13 and chapter 7 cases is ideal because they understand how to present your particular financial information to get the desired result. It does not guarantee it but if your information is presented correctly, you have a much better chance of being approved to file the chapter of bankruptcy that you wish.
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 obtain a free bankruptcy chapter 13 evaluation. This is the best way to learn what your rights are, what your obligations are, what your alternatives are, and what you can do to provide yourself with a clean start again. Since your entire case is based on how well your lawyer presents your case, it is important 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 make sure that you are being extremely 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 in to more trouble. If you over extend yourself again, you may 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 careful.
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