Bankruptcy is a protective measure that saves people from debt and assists them in securing a stable financial future. Chapter 13 bankruptcy is a debt solution for individuals or married couples under financial duress. Chapter 13 allows individuals to keep their assets, properties, and investments. Instead of surrendering property, they must follow a repayment plan agreed upon by lenders, creditors, and courts over several years.

To qualify, you first have to go through credit counseling to help organize your debts. This is required by courts to see if any solutions other than chapter 13 bankruptcy are available. Following this, you’ll need to hire an attorney to guide you through the filing process. Addressing all outstanding debts takes time and experience, so it’s imperative to gather all of your paperwork.

Once you’ve prepared all your debts and have a repayment plan in mind, you’ll present your case at a hearing. Based on your outstanding debts and income, a judge will determine a time for the repayment plan, as well as the amount each payment should be. Primary payments will go toward secured debts, and the amount of remaining money that can go to unsecured debts will then be used to determine an overall sum. If approved, a judge will close the case and set a date for the payments to begin.

If you’re facing financial difficulties but don’t want to surrender your assets, Bruce Bentley, Attorney at Law in London, KY, can help. They offer comprehensive bankruptcy guidance and representation and will work closely with you to determine the ideal outcome. If your income can match payments, chapter 13 bankruptcy may be perfect for keeping the things that matter to you while getting out from under debt. Call (608) 877-0088 to schedule a consultation, and visit their website to learn more about their practice.