By this point in your journey to overcome debt, you probably already know the difference between a Chapter 7 and a Chapter 13 bankruptcy. Under the laws governing Chapter 13 filings, you must submit a plan to repay your debts. Many people believe they have no role in designing a repayment plan, but this is not always true.
How much can you participate in creating a repayment plan?
You can contribute to developing your plan as much as you like. However, it’s best to have an attorney who can guide you through this process. Acquiring representation gives you a partner with whom to collaborate on the details of your repayment plan. In turn, your attorney can make sure your payment plan is viable while also working to protect your interests.
One of the most frightening aspects of going through a bankruptcy is that it makes people feel like they have lost control of their finances. By participating in the development of your repayment plan, you can retain at least some control over your financial decisions.
Remaining an active participant (instead of a helpless bystander) with a degree of control will probably help you feel better about your situation. As you begin to learn more about Chapter 13 bankruptcy, your confidence in the ability to overcome your debt will probably get a much-needed boost.
Help when you need it the most
Professional legal guidance when filing for bankruptcy ensures you get the help you need. Answering your questions and addressing your concerns are just two of the many critical ways a bankruptcy attorney helps debt-strapped Connecticut residents get a handle on their circumstances. Learn more by continuing to review our website.