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What do I need to know when filing for Chapter 13 bankruptcy?

Facing up to the fact that you need to take action regarding your finances is tough. There are many potential options in New Hampshire to address your debts, and many people find that filing for Chapter 13 bankruptcy is the best option for them.

Chapter 13 bankruptcy is often the best option when you are an individual debtor who has an income too high to qualify for Chapter 7 bankruptcy. While Chapter 13 bankruptcy is no short solution, often taking up to five years to complete, it does offer a realistic way for you to achieve your goals of becoming debt free.

It is important that you manage expectations regarding any bankruptcy filing, and that you prepare adequately. The following are some top tips on how best to prepare.

Resist the temptation to hide or transfer assets

Knowing that the court will try to take property, many debtors decide to transfer that property to their family or friends before they take action to file. However, when they do file, they realize that they are obliged to list all transfers they made in the last two years. Additionally, many are inclined to try and hide assets. This type of behavior could ultimately lead to criminal charges.

Stay financially organized

If you want to go through the process as efficiently as possible, you should try to ensure you are organized from the start. This means making sure that you have collated all financial documents, keeping copies of all tax returns and bank statements.

Accept that the road will be long

It's best that you do not have unrealistic expectations when it comes to filing for Chapter 13 bankruptcy. The process is likely to be a long one, but it is also a sustainable journey that helps you to gain control again. It is better to take your time during the filing and do things properly than to rush and experience problems along the way.

If you want to gain control of your finances and become free from your debts, you should make sure that you do not waste time. By looking into the possibility of filing for Chapter 13 bankruptcy, you may be one step closer to financial freedom.

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Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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