Chapter 13 Bankruptcy At Laura Margulies & Associates LLC: Slowly Repairing Your Credit

Chapter 13 Bankruptcy At Laura Margulies & Associates LLC is a chance for an individual to make small and consistent adjustments to their debt. It gives you the opportunity to continue to live in your own and pay off what you owe over a longer and more realistic period of time. Most of the time Chapter 13 Bankruptcy At Laura Margulies & Associates LLC will give you anywhere from 3 to 5 years to pay off your debt. The amount of money you have to pay is set up in installments based on your income in order to make sure it is realistic for you to make the payments.

Your attorney will sit down with you and help you work out a repayment plan. This plan will cover how you are going to pay off all your debts in less than 5 years. While you are in a Chapter 13 Bankruptcy payment period creditors are not allowed to bug you. They just have to leave you alone and let you pay your dues as you can. It is also possible for you to stop a foreclosure by filing a Chapter 13 bankruptcy as well.

Before you can file for Chapter 13 bankruptcy, you are required to get credit counseling. This counseling needs to take place at least 180 days before your filing date. There are also usually fees you will have to pay in order to file. Fortunately, your attorney will help you work all of those out. Your attorney may just have you pay them and they take care of the fees for you.

When people think about bankruptcy they think about it like it is pressing a reset button and wiping your debt clear. When it comes to Chapter 13 bankruptcy you are pressing a pause button not a reset button. It lets you pause your credit for 3 to 5 years so you can repair it. Obviously, you want to make sure you do not many anymore bad decisions that result in additional debt while you are in the Chapter 13 repayment period. Just stick to the payment plan that was established and you should be fine.

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