Dothan, Alabama
111 Adris Place
Dothan, AL 36303
(334) 673-0100

3 Tips for Completing a Chapter 13 Bankruptcy October 8, 2018

Dothan, Houston
3 Tips for Completing a Chapter 13 Bankruptcy, Dothan, Alabama

A temporary financial setback can have long-term financial consequences, putting you behind on mortgage payments and other obligations. Fortunately, filing for chapter 13 bankruptcy may provide an avenue through which struggling borrowers can make up arrears, prevent foreclosure and repossession, and regain control over their finances. Here are a few tips to help you successfully navigate the restructuring process and reclaim your life from debt.

What to Do for a Successful Chapter 13 Bankruptcy

1. Be Careful Preparing the Payment Plan

The core of a chapter 13 bankruptcy is a court-managed repayment plan, which lets borrowers pay back a portion of their priority debts. However, successfully completing your bankruptcy depends on a realistic payment plan proposal, with installments you can afford. If you miss too many payments, the trustee may ask the court to dismiss the case, removing the protections of bankruptcy and leaving you responsible for the debts.

2. Notify the Trustee of Changes to Your Finances

chapter 13 bankruptcyBecause most chapter 13 bankruptcy trustees require all your disposable income to go toward your debts, borrowers who are restructuring their debts are especially vulnerable to destabilizing financial emergencies. If you’ve experienced a job loss, a medical emergency, or other change in financial circumstances, have your attorney speak with the trustee, who may be able to adjust the payment plan.

3. Hire an Attorney

The bankruptcy code is extremely complex, and even minor mistakes can cause the court to dismiss the case. Whether you’re applying for a liquidation or a chapter 13 bankruptcy, have a skilled attorney prepare the petition and represent your interests. They will eliminate common errors and provide valuable peace of mind.
 

Filing for bankruptcy protection can be confusing and stressful, which is why borrowers throughout Alabama, Georgia, and Florida rely on the expertise of The Gil Law Firm for effective guidance and individualized support. For nearly 20 years, they’ve been helping their clients get a second chance at their finances with a broad range of chapter 7 and chapter 13 bankruptcy services. Visit their website to learn more about the firm. Call (334) 673-0100 to schedule an initial consultation.

Other Announcements, Events and Deals from The Gil Law Firm
Should You File Taxes Before Filing for Bankruptcy?, Dothan, Alabama
When people have accumulated so much debt that they can no longer afford the required payments, bankruptcy is sometimes the best solution. In Chapter 7—or liquidation—bankruptcy...read more
The Differences Between Priority & Nonpriority Debts in Bankruptcy, Dothan, Alabama
While bankruptcy provides a viable way out of overwhelming debt, the courts don't recognize all debts as equal. This results in some balances receiving a priority status while o...read more
FAQ About Qualifying Your Autistic Child for SSI Benefits, Dothan, Alabama
Raising a child with autism is a challenge in many ways, such as getting the financial help you need to cover the costs of caring for them. Applying for Supplemental Security Income&...read more
When Should You File a Bankruptcy Petition?, Dothan, Alabama
For many debtors, making the decision to declare bankruptcy is the easy part. Determining precisely when to commence the proceedings, on the other hand, often poses a challenge. Natu...read more
3 Types of Possible Damages in a Personal Injury Claim, Dothan, Alabama
Personal injury law protects you from the repercussions of other people’s careless actions. If another individual acts negligently—for instance, by driving drunk—and you are hurt as ...read more