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Your Augusta 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 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.

Does the Augusta bankruptcy lawyer specialize in the type of bankruptcy that’s right for you? There are different types of bankruptcy, including Chapter 7 and 13, the two most common options. First, you want to work with a bankruptcy lawyer proficient in the types of bankruptcy available to you and that’s best for your situation. Second, you want a bankruptcy lawyer that is astute and knowledgeable in the chapter, or type, of bankruptcy you end up choosing and filing for. Or, if you don’t file at all, you want a lawyer who’s resourceful in helping you with your financial situation.

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 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 Augusta bankruptcy lawyer should be able to walk you through rebuilding your credit score post bankruptcy.

Have you attempted credit counseling and debt consolidation? Your Augusta bankruptcy lawyer will have resources available (or should) for you to go to credit counseling and look into debt consolidation. Credit counseling can help you get a handle on your financial struggles before having to file for bankruptcy. Debt consolidation, if an option, can allow for lower monthly payments to creditors that are more manageable for you, and thus, can be a great alternative to bankruptcy.

These are just some of the highlights of Chapter 13 bankruptcy, but each case has unique circumstances. It’s important to do your own research and also work with a good Augusta bankruptcy lawyer to ensure you’re making the right decisions when entering into and going through Chapter 13 bankruptcy. You don’t need to go it alone, nor should you; it’s not a wise decision for you to attempt to do so. Good luck to you!

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