What is Chapter 13?
Getting into debt is a horrible experience. It can be extremely overwhelming and at times you may feel like your situation is hopeless. It is often hard to look positively toward the future and see a way out of your struggles. However, this is something that countless families in Florida go through and there is a way out. It may be a long and at times difficult path, but with the right support and guidance you can come out the other side of this taxing period of your life.
There are many options when it comes to the reorganization and consolidation of debts. However, it can be difficult to determine which choices will actually help and which could simply land you in more debt. If something sounds too good to be true, it often is, so it is important to carefully investigate the implications of any decisions you make regarding the consolidation of your debts.
It is also important to remember that one option that may be worth considering is bankruptcy. This process often gets a bad reputation as many people fear the prospect of what they perceive as losing everything. However, when you are already in extreme debt, bankruptcy is a means of having a fresh start and bringing everything back to a stable level.
Furthermore, there are multiple kinds of bankruptcy. For example, if you are worried about handing over your home, you may want to consider Chapter 13 rather than Chapter 7, as this article on debt management explains. The major benefit of Chapter 13, also known as reorganization bankruptcy, is that it results in a payment plan using your income as the means of clearing your debts.
Each case is unique, so the terms of your repayment plan will be specific to your circumstances. However, you do not need to handle the process without support. An lawyer can advise you about the different bankruptcy options and may be able to assist you as you work to clear your debts and improve your future.