Chapter 13 basically consolidates your bills into one lump-sum payment each month to make them easier to manage. However, having an active case doesn't stop new expenses from popping up. If you experience a financial emergency while your case is active and need access to cash, here are two things you can do.
Temporarily Suspend Your Payments
Outside of your rent or mortgage, your Chapter 13 payment is likely your largest monthly bill.
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Filing bankruptcy is sometimes the best way to address debt issues for people who cannot pay their creditors as agreed. However, some people do not benefit from the process even after spending time and resources. You should know that this often happens to people who file without legal help. In most cases, people who handle the process on their own make mistakes that lead to disqualification. This explains why you need the guidance of a bankruptcy attorney to help you to avoid mistakes that might lead to a denial, including the tax errors discussed below.
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The bankruptcy laws are meant to protect both creditors and filers alike. To find out more about how the court deals with some key concerns about a chapter 7 filing, read on.
Who Is in Charge?
It's a bit surprising when filers realize that their financial situation is no longer their concern once they file. From the date of the filing until the final discharge, the bankruptcy trustee, who oversees the case, has more power over things than you do when it comes to your personal finances.
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People unfamiliar with the bankruptcy system often assume it will strip them of everything. Many folks will lose something, but the system offers several significant financial and legal protections for petitioners. You should try to maximize those protections, and here's how bankruptcy lawyers will usually encourage their clients to do so.
Thoroughness
One of the biggest potential mistakes in a bankruptcy filing is failing to include the names of all creditors and the attached debts.
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If you are seriously considering filing for Chapter 7 bankruptcy, then you will need to take some steps to prepare for it. One thing you may need to do is to learn what things you should avoid before filing. For example, a bankruptcy trustee might look into your finances for the past six months or longer. To properly prepare for it, you might want to avoid doing the following things before filing.
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