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Your Grand Rapids bankruptcy lawyer has discussed your options with you and you’re leaning towards Chapter 13 bankruptcy. What exactly does that mean? Most people, if not all, who see a Grand Rapids bankruptcy lawyer wish they didn’t need to consider filing at all. Unfortunately though, many of us are in situations where we need to turn to a bankruptcy lawyer for advice and guidance because there just is no other way to solve the situation. There are different options for bankruptcy, including Chapter 13 bankruptcy, which is what we’ll be focusing on within this article.

A visit with a bankruptcy lawyer should be the last alternative for anyone in a financial bind. Once you file for bankruptcy, it can take up to ten years for it to be removed from your credit record. This means it will be challenging for you to get any new loans or credit. In addition, it will show up anytime you try to secure a new home, apartment, or job. If you are considering bankruptcy, be sure to consult with a bankruptcy lawyer and consider the following information to determine if bankruptcy is needed in your particular situation.

Chapter 13 bankruptcy requires you complete credit counseling before filing, and you’re bankruptcy lawyer can guide you on the timing and process. Your bankruptcy lawyer will guide you in how to go about getting credit counseling and in addition, should be able to provide resources for you to use.

Chapter 13 bankruptcy means you’ll get to keep your home and assets. While you and your bankruptcy lawyer work out a repayment plan for your debts, you’ll get to keep your assets. However, you do need to continue to make the payments on these assets throughout the bankruptcy proceedings. Chapter 13 bankruptcy means debt collectors and creditors cannot continue or start any new collection efforts while you’re in your repayment plan period. Your Grand Rapids bankruptcy lawyer should be the first person you contact if this doesn’t happen.

Chapter 13 bankruptcy doesn’t hurt your credit as bad as Chapter 7 does in most cases, but your credit will still take a hit. Your bankruptcy lawyer should be able to walk you through rebuilding your credit score post bankruptcy.

Chapter 13 bankruptcy repayment plans can last anywhere from 36 months to 60 months, though most of the time, repayments are to be made and completed in full within the 36 month time frame. Your Grand Rapids bankruptcy lawyer and you can work together with creditors to develop the best plan for you, but in most cases, your creditors will want the payments as soon as possible, and within 36 months.

However, if none of these options are feasible for you, then you and your Grand Rapids bankruptcy lawyer may agree bankruptcy is the best option for you. You want to make sure you’re confident and comfortable with your attorney’s recommendations when it comes to filing for bankruptcy, as well. If you’re not, then it might not hurt to get a second or third opinion from other bankruptcy attorneys. After all, this is your credibility and livelihood we’re talking about, so you want to make the right decision for you and your family.

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