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Surviving Chapter 13 With The Help Of Jkb Financial, Inc. Services
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After working hard to make your dreams come true, it can be tempting to just relax and savor the fruits of your labor. After all, you’ve got everything you need and can afford pretty much anything you want, right? Not so fast; for all you know, the house of cards can come crashing down, especially if you’re in debt. Imagine what may happen if you look at your books and realize that you may have to file a Chapter 13 bankruptcy soon.
Under the United States Bankruptcy Code, chapter 13 allows debt-stricken individuals to proceed with financial reorganization through a trustee as directed by bankruptcy courts. Some Chapter 13 bankruptcies take between three to five years to settle. When you are forced to “do the 13,” but have no idea how to keep your creditors at bay, you can seek expert help such as reliable JKB Financial, Inc. services.
Making the Cut
A chapter 13 bankruptcy follows certain prerequisites. For instance, debtors should have undergone credit counseling from an approved counselor. Secured and unsecured debts must also be lower than the preset limit. Meanwhile, the trustee is empowered to set a ceiling for the debtor’s monthly living expenses, which the debtor’s income should meet.
In pursuing a Chapter 13 bankruptcy, it is essential that a debtor undertake protective measures through an experienced attorney. The Reform Act of 2005 increases bankruptcy filers’ likelihood of successfully lodging their petitions with help from a lawyer. Debtors can also consult debt relief specialists who can refer them to competent lawyers.
When assembling a Chapter 13 reorganization plan, the lawyer takes into account the nature of each outstanding debt and the debtor’s history of payments. The attorney will also assist clients when attending hearings and will formally present the reorganization plan to the creditors. In addition, the lawyer can answer creditors’ questions in relation to the plan.
A Chapter 13 bankruptcy can be a hard lesson in managing your finances. Yet if settled properly, you may find that it is never too late, especially when the settlement is undertaken with help from an informative JKB Financial, Inc. review. To learn more, you can visit chapter13-littleblue.blogspot.com.
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