Having credit cards and other lines of credit can be a great convenience. This can give you the ability to purchase more of the things you need or want. It can also let you maintain a comfortable lifestyle in between pays. Although credit can be a beneficial convenience, it can easily get out of control. Spending too much on credit can create very large credit payments. These can become very hard to manage easily. A change in income or an unexpected financial setback can cause these credit bills to be more than you can handle. This may require filing for bankruptcy. Chapter 13 Bankruptcy Attorney in Royal Palm Beach can help with this process.
Bankruptcy is a way to help in serious financial situations. If debt becomes higher than your income, bankruptcy may be an option for you. There are different types of bankruptcies for different financial situations. However, if you just need to get control of your debt and still have a decent income, chapter 13 bankruptcy is your best option. This form of bankruptcy lets you reorganize your debt. It allows you to make a plan with your creditors to pay back the debt in a way you can afford. This can let you get back to the comfort and conveniences of life without the stress of the debt on your shoulders.
The Chapter 13 bankruptcy rules can be quite complicated. You must gather all of your debt, as well as, any income and assets you own. This information is then used to determine all you owe and exactly what you can afford to pay. A repayment plan is then made over a 3 to 5 year span. There are many rules and issues that can make this more complicated. You must then have your plan approved by the courts. If your income is too low or varying, or if your debt is too high, you may be denied this type of bankruptcy.
This process can be very beneficial. However, it can also be quite confusing. A Chapter 13 Bankruptcy Attorney in Royal Palm Beach can make the process easier. They can help discuss all of your options and gather information needed. They can also assist with the paperwork and court appearance. They can even help you understand exactly what your obligations are. An attorney can help you with your bankruptcy so you can get back on your feet.