If you are considering filing for Chapter 13 bankruptcy, there are a few things you should know before you file. First, know that you will be required to become an active participant in the process. This requires both time and effort on your part, but it doesn’t have to be difficult.
Mastering The Process
When you file for Chapter 13 bankruptcy, your debts become part of a debtor’s plan. This plan is developed with the court and outlines how your debts will be repaid to creditors. The best part is that you will only have to make one single payment each month, which will be used to pay various creditors. However, it is important that you do the following:
- Make a budget and stick to it. Filing for bankruptcy won’t be able to resolve your debts if you continue to spend or accumulate more debt. Prioritize your Chapter 13 payment as one of your top expenses every month and pay it promptly.
- Stay in communication. Your Tampa bankruptcy attorney is your case representative and your advisor on matters. If you need to request changes, report any new information or seek counsel on financial matters, your attorney can help you.
- Report changes immediately. If you have a change in income or personal contact information, be sure to inform your attorney and the court presiding over you case if necessary. Even changes like an inheritance or sale of personal property should be fully disclosed at all times.