Did you know that you can declare bankruptcy without losing assets? It’s not something individuals are often aware of unless they’ve had some interaction with the system before, but Chapter 13 bankruptcy provides options for mitigated payment plans and debt relief that preserves your assets. The best part is, it is often an option for those who would be told they do not qualify under other bankruptcy provisions. That means you can use it to get the relief you need even if you don’t think you would qualify for a bankruptcy of the kind you are more familiar with.
When To File
The best way to determine whether it’s time to file is to consult a Chapter 13 lawyer Orlando FL who can talk to you about the local judicial temperament, your options, and what a Chapter 13 settlement would do for your finances over the next few years. You should file whenever you are ready, but the sooner the better if you are missing payments and unable to catch up. If you’re not sure whether you are at that point, it’s time to talk to a professional who can help you sort it out.
Bounce Back Quickly
One reason many people put off bankruptcy when it would actually make their situation better is because they are worried about the consequences. Horror stories of decade-long financial problems are mostly urban legends. The fact is, not only can you work to rehab your credit faster than the worst case scenarios predict, those scenarios do not predict you will file for Chapter 13 protection. Most Chapter 13 bankruptcies can be recovered from in three to five years with the right plan of action and follow-through for rehabbing your credit. That’s just one of the many reasons this option is better for you and your creditors both if you can manage it.