It is getting tougher to pay all of your bills as the prices of things in the marketplace rise. Everything seems to be increasing except the wages. Consequently, a lot of people are having to seek refuge in other ways to compensate. Unfortunately, sometimes this includes having to file bankruptcy. There are many types of bankruptcies, but the two most popular are Chapter 7 (which is usually straight charge offs) and Chapter 13, which typically involves a debt reorganization plan. It is the Chapter 13 that will be dealt with in this article.
If you have to ever file a Chapter 13 Bankruptcy in Fairfield OH, there are some things you should keep in mind. First and foremost, bankruptcy is not an indicator that you are a failure. Rather, it is an attempt to do the responsible thing by your family and protect what you have left. In particular, Chapter 13 bankruptcy is an attempt to pay your debts in a reasonable way that is affordable to you considering the financial dilemma in which you find yourself. A Chapter 13 Bankruptcy in Fairfield OH will put into effect the ceasing of creditors pursuing collection activities against you. All penalties, late fees, interests and other charges will also go away, with the exception of those creditors you pay directly. You are also allowed to keep your car and home, even if you are behind on your payments. This means that even if a creditor has repossessed your automobile, if it hasn’t been auctioned off yet, the vehicle must be returned to you. A Chapter 13 bankruptcy will also afford you the opportunity to take free financial management classes which will teach you better stewardship of your finances.
If you are in a financial strait, a Chapter 13 bankruptcy may be the perfect way for you to go. It will cease all collection activities against you, take some of the pressure off you, and give you the opportunity for debt reorganization. Of course, there are many other things about Chapter 13 of which you will need to be abreast. Contact R. Dean Snyder Attorney in bankruptcy matters, located in Fairfield, Ohio.
