For those able to file Chapter 7 bankruptcy, it’s a new beginning almost right away. Your old debt has been wiped away and you’re able to start anew. However, for the debt-strapped individual who files Chapter 13, instead, your plan is set to last anywhere from 3-5 years. You and your Chapter 13 Bankruptcy Attorney In Milwaukee WI are going to become pretty close as you go through the process of reviewing all your financials, preparing court documentation and setting up the lines of communication. While you may not talk on a daily basis, you need to make sure you do have open lines to communicate as needed.
As you go down the long road of Chapter 13, you have to think about what your responsibilities are, as the one filing for this financial re-alignment. Following are some tips to make it go as smoothly as possible from a leading Chapter 13 Bankruptcy Attorney.
There is no option here. Make your payments every month, on time.
Make your mortgage and car payments on time every month.
Keep your insurance current.
Be optimistic, seeing your Chapter 13 a chance to pay back your past due bills over time in a realistic budget. It’s actually a wonderful opportunity to change the rights of the people you owe money to, and protecting you from any legal action because of it.
If you find an emergency problem looming, call your attorney immediately. He cannot make your payments to the trustee for you; he can only create the payment plan that should work out. If circumstances change, he has to know this immediately.
If you lose your job, get laid off or fired, have your hours cut or are downsized, it’s imperative you let your attorney know this as soon as possible.
While you should be optimistic about your situation, you should also be realistic. Know that gas prices are likely to increase over the duration of your bankruptcy, your income level could drop and your children’s teeth may need braces. You still need to find a way to put money in savings for emergencies.
The truth of the matter is Chapter 13 cases have a low success rate. However, a quality Chapter 13 Bankruptcy Attorney In Milwaukee WI is there to help you be the exception to the rule, turning the Chapter 13 into a learning experience while paying off your debt.
