If you have been struggling with the economy and trying to pay all your bills only to come up short month after month, you are probably also struggling to find a solution to your money problems and finding yourself getting desperate because you are running out of ideas. It is understandable to feel stressed about the situation, but you should know that you’re not alone. The economy has been rough on many people and bankruptcy filings are currently higher than ever. Visit website for more details.
If you have been thinking about filing Chapter 13 Bankruptcy Oakdale MN, it could be the ideal solution for you, but you should make sure you understand a little bit more about how it works before you make any final decisions.
Filing chapter 13 is a big commitment and it will most likely mean that you are living very conservatively for at least three to five years while you pay back your debts and probably beyond tat as you get back on your feet.
If you decide that Chapter 13 Bankruptcy Oakdale MN is the way to go for you, you will have to prove that you are eligible. To be eligible to file chapter 13, you have to prove that you have a regular income and that it is sufficient to pay back your debts over the specified amount of time. Once all of the paperwork is in order and you begin repayment, you will generally make monthly payments to a trustee who will then disburse payments to your creditors. The duration of the payments will be determined by the court but will generally be anywhere from three to five years. If you default on any of your payments, you will not be able to file for bankruptcy again for 180 days so it is best to make sure those payments go out on time.
If you have questions out filing bankruptcy or other financial issues, contact the professionals at Lamey Law Firm to make an appointment for a consultation with a professional that will do everything they can to help you relieve our financial burdens and get back on your feet as soon as possible.