Understanding Chapter 13 Bankruptcy Burlington WI

Your finances are going to be one of the most complicated things that you deal with throughout your life. This becomes especially true if you find yourself coping with difficult financial times and begin to consider filing for bankruptcy. You may be tempted to file for bankruptcy on your own, but you should know that when it comes to Chapter 13 bankruptcy, Burlington WI consumers are far more likely to glean maximum legal benefit from their bankruptcy case if they are adequately represented than if they attempt to go through the process independently.

One of the major things that turns people away from filing for Chapter 13 bankruptcy is the list of misconceptions and misunderstandings that revolve around bankruptcy. Some of these misconceptions are:

1. That Chapter 13 bankruptcy filings are made public by publishing them in the newspaper or otherwise advertising them—this is absolutely not the case.

2. That if you want to file for bankruptcy your spouse must agree and file with you. You can actually file alone. Your spouse does not have to be involved at all.

3. That bankruptcy is too expensive and you will do better just trying to resolve your problems on your own. All of the fees and charges that you will face if you continue to be late on payments will add up to much more than the cost of filing for bankruptcy

4. That you will automatically lose your car or home. This is not necessarily true. Most people actually do not lose either one.

What is true about Chapter 13 bankruptcy is important to understand as well:

1. Chapter 13 bankruptcy represents a debt repayment plan, not the erasing of debt

2. The amount of repayment installations will be based on your income

3. If there is any unsecured debt in existence after the repayment period has ended this debt will be automatically discharged

4. You can get your second mortgage eliminated if you meet certain requirements

5. It is possible to stop a foreclosure with a Chapter 13 filing.

To make sure that you get the most out of your Chapter 13 bankruptcy filing you should speak with an attorney as early in the process as possible so that your course of action can be planned and you can be prepared for the process.

 

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