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How can I tell if Chapter 13 bankruptcy will help me?

The decision to file for bankruptcy is never easy, but unfortunately even if you make the difficult decision, your hard choices do not end there. For many people, deciding what type of bankruptcy filing to pursue can be just as difficult or confusing as actually deciding to file for bankruptcy. This is especially true if you are not aware of the differences between Chapter 7 and Chapter 13 bankruptcy.

The good news is that there are very distinct differences between Chapter 7 and Chapter 13 bankruptcy, which should make it a bit easier to decide. Some things you may wish to consider, for instance, is how high your debt total stands. With a Chapter 13 bankruptcy, you are expected to pay off your debts over a three, four or five year period, which means that your debts cannot be so high that you would be unable to pay them back over such a period of time.

In addition to considering your debt total compared to your income, you should also determine how much your property is worth. This will help you learn what properties, if any, are exempt, and that could change the payment plan you come up with. If you decide to file for Chapter 13 bankruptcy, you should consider meeting with an attorney, who can help you file the proper forms and take the appropriate legal action.

Like many other things, filing for bankruptcy is a process; it can be a difficult and confusing process, which is why legal aid is critical. Texas residents are encouraged to meet with a Texas attorney to be sure that they are considering all of the exemptions and particulars of Texas bankruptcy law when deciding what type of bankruptcy filing is right for them.

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