Are you still wondering whether you should file Chapter 13?

Filing for bankruptcy is a big step in your financial life. However, if you are overwhelmed with debt, you may have determined it is the only realistic thing to do.

You have a family, a home and a job, and you are leaning toward filing Chapter 13, but you still have questions, not only about the process itself but also about the long-term consequences.

Looking to the future

You are certainly not alone in considering bankruptcy: In 2016, about 800,000 people filed across the country, reports Yahoo Finance. Some debt remains under Chapter 13.

Here are a few examples:

  •         Child or spousal support payments
  •         Tax debts that are less than three years old
  •         Certain fines, such as those you owe for a DUI conviction
  •         Any fraudulent debt you may have incurred

Of course, few if any of these examples may apply to you. If you choose to file Chapter 13, you can look forward to the end of certain kinds of creditor action, such as wage garnishment, vehicle repossession and the threat of foreclosure on your home.

The next step

Having done a good deal of homework on Chapter 13, the next step is for you to seek legal guidance and get answers to all your questions. Ultimately, the decision to go forward with Chapter 13 rests with you. Obviously, this is a big decision to make, but armed with the information you seek plus experienced legal representation, you will likely find that you are much more comfortable with the idea of filing for bankruptcy.

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