Tips for a Successful Chapter 13 Repayment Period

 Posted on June 21, 2023 in Chapter 13 bankruptcy

If you are thinking about filing for Chapter 13 bankruptcy, you are likely already aware that you will need to adhere to the terms of a repayment plan that you and an attorney will create and that your creditors will – hopefully – sign off on. Only after you have successfully completed your 3-to-5-year repayment plan, will the court discharge your remaining eligible debts and close your Chapter 13 bankruptcy case favorably.

Laying Groundwork for the Future

Although your single debt payment each month will be designed to be manageable, the terms of your repayment period will leave you with very little disposable income. Without some careful planning on your part, this repayment period could become stressful. Thankfully, thinking ahead and monitoring your situation carefully as it evolves can help to ensure that your repayment period is truly workable for you and your family.

To navigate your Chapter 13 repayment period successfully, you will want to think of your efforts as laying the groundwork for a solid financial future. Many of the habits that you will either cultivate for the first time or refine can help to ensure that you emerge from the bankruptcy process primed for financial success.

For example, paying your bills on time – every time – will not only help you to resolve your bankruptcy case favorably, but doing so will help you to build a rock-solid credit score. Adhering to a thoughtful budget will not only help you to manage your limited disposable income, but this habit will also serve you and your family well once your disposable income expands in the wake of your bankruptcy case. Finally, refraining from taking on additional debt will help to ensure that you both emerge from your bankruptcy case unburdened and will help you to grow increasingly accustomed to living within your means whenever possible.

Schedule a Free Legal Consultation with a Creative San Antonio Bankruptcy Lawyer for Additional Guidance

Crafting a workable Chapter 13 repayment plan is only the first major step that you will need to take toward successfully resolving your bankruptcy case. Know that working with the skilled New Braunfels, TX bankruptcy lawyer at the Law Offices of Chance M. McGhee will allow you to benefit from support as your case – and your life circumstances – evolve.

During a risk-free, confidential case evaluation, that is offered to you at no cost, you can learn more about attorney Chance M. McGhee’s approach to representation throughout the entirety of the bankruptcy process. Start seeking the support you both need and deserve by reaching out via the firm’s website or by calling 210-342-3400 directly. The sooner that you start taking steps forward, the sooner you can experience the benefits of Chapter 13 bankruptcy relief.

Source:

https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics