This video will teach you the benefits of bankruptcy through Chapter 13 and how it will benefit your creditors.
The Chapter 13 law allows the debtor to create plans for payment and not be told what to do. They’ll outline how they’ll be making payments to an administrator who will give the proceeds to creditors over the next three or five years. A bankruptcy lawyer will often be able to work with debtors to make a plan that’s successful.
But, of course, not any type of plan can work so it’s a good idea to partner with a bankruptcy attorney. The plan must be in “good good faith”. The plan should have an achievable chance of reaching the end goal of paying off the debt and staying within the legal limits.
Although bankruptcy can be difficult and overwhelming but you don’t have to tackle it alone. The bankruptcy process doesn’t require you to cover all your bills at once. Chapter 13 bankruptcy gives you the choice of deciding what amount you’d like to spend. To learn more take a look at the video linked above.