Are you planning to file bankruptcy for your on-going finance problems? Well, if yes, then why not pause for a while and look for the most appropriate solutions with the help of a lawyer. Talking about the bankruptcy statistics of US, then it hit an all-time high in 2005 and in that year, around 2 million cases were reported of bankruptcy. The statistics showcased a pattern wherein everyone out of 55 households filed for bankruptcy. Such circumstances can arrive anytime and anywhere. If you do not want such miseries to hamper your life, it is suggested to get an attorney beforehand. It would be better if you a lawyer who has sound knowledge of Chapter 13. According to Wikipedia, the Chapter 13 United States Bankruptcy Code lists forth the statutes governing the various types of relief for bankruptcy in the United States. The law provides individuals with the convenience to reorganize their financial affairs under the protection of the bankruptcy court. Hence, if you have any issue regarding your bankruptcy, then you can certainly seek the help of an attorney.
While it is said that in most cases of bankruptcy, the main cause is the habit of reckless spending and the lack of proper knowledge. As a result, people who can manage their way but in the times of financial hardship survive whereas, on the other hand, individuals who cannot afford to deal ends falling the victim of bankruptcy. Another reason that causes bankruptcy amongst individuals is their credit card debt. For instance, it is said that a monthly spending plan is crucial in order to live a planned life. Planning is all about jotting down your expenses and income and integrating the two. You will be astonished to witness the end results of moving with a planner approach. Also, one must also have some savings for his or her bad times so that he or she has enough to spend without going bankrupt. So the question here is how Chapter 13 is helpful in credit card debt management? Well, it is explained using a few points mentioned below:
- The chapter offer full debt consolidation on your credit card bills. Moreover, you can also seek consolidation on other debts as well (medical bills, personal loans, second mortgages, etc.)
- It permits individuals to pay what you can and eliminate the rest.
- It also dysfunctions your creditors to call or proceed you with judgments while you are under the protection of Chapter 13 reorganization.