It can easily be solved if you live in your means and take discipline and plan to protect the budget, especially if you experience unexpected recession such as job change or health problems. Sometimes the amount of the plan does not eliminate sudden or formal debt. Even if you execute "OK", you may need to change your financials before problems occur. If you have overcome some of your debts, but you have income that you can not pay in full every month, it may be prudent to investigate Chapter 13 bankruptcy. This will reconfigure your debt based on your income and reduce monthly payments. These payments will be made between 3 and 5 years at the end of which the remaining unsecured debt will be refunded. The submission of Chapter 13 also helps to reduce or reduce debt while protecting your property and property.
We propose a reasonable payment plan to court trustees but there is no guarantee that these payments will not be deferred later due to changes in the situation of life. If you can not make payment in Chapter 13, the court trustee may reject your case. At the moment, your creditors can apply for relief from automatic stay. In other words, you need to get current payment, face foreclosure and re-arrest.
Change your mind
If you can not keep up with the repayment plan, you have several options. Using the current situation, you can conduct means tests to determine if you qualify for the conversion in Chapter 7. Chapter 7 ends your repayment plan and makes most debt redemption. If you have secured collateral in your car or home, you may need to hand over this property, but you may be able to use an exemption permitted to avoid this. Also, if these payments actually exceed your budget, it is best to escape payment.
It is important to think about things before making financial decisions. Since we only convert cases once, it is important to plan the timing. In order to convert your case, notify the court by submitting a notice of conversion or a motion to convert. The fee to convert is fairly low, and some filers receive past payment refunds that have not been sent to the creditors. When submitting Chapter 7, you can also include new debts that occurred after Chapter 13. Because this process will take days, the repayment plan will be free.
Flexible options
Nobody takes debts for the purpose of not paying, but life throws unexpected curve balls. In such cases, Chapter 13 gives you the opportunity to do some of the payments, but too much debt is being relieved for you. Even after making this choice the situation occasionally changes and chapter 7 will be your best choice. There are many plans in the US bankruptcy court to support consumer debt. I can help you take loans in order by bankruptcy.
EmoticonEmoticon