Anyone can find themselves in debt, especially when unforeseen circumstances arise. Therefore, filing for bankruptcy should never be a source of shame for anyone. In many ways, it is a commendable choice, because you are taking action to pay off your debts, thereby increasing the quality of life for your loved ones.
If you are considering filing for Chapter 13 bankruptcy, it may be because your income was too high for you to qualify for Chapter 7 bankruptcy. It’s likely that you have read that Chapter 13 bankruptcy involves making monthly repayments for a period of time that is usually between 3 and 5 years. This may be a source of concern for you, and you may worry about whether these repayments will be manageable.
Managing monthly repayments
One of the advantages of Chapter 13 bankruptcy is the fact that the repayment plan in each case is completely customizable. Your monthly expenses will be taken into account during any decision, and the affordability of the repayment plan is key.
While going through Chapter 13 bankruptcy requires determination and willpower, it is designed to be realistic and to help debtors avoid failure. Therefore, you should never find yourself in a situation where you cannot afford to make the repayments. You will also have credit counseling to ensure you are well-equipped to make wise financial decisions in the years to come.
If you are intrigued by the possibilities that a Chapter 13 bankruptcy filing could offer you, it is important that you conduct thorough research. You should never commit to a bankruptcy filing unless you are sure that this is the best option for you.