How Can I Make It Through A Chapter 13 Bankruptcy In Nebraska?
Filing for a Chapter 13 bankruptcy in Nebraska is not the end of the world. At the time, it may seem as if you are going to be in a financial hole for years to come, but in actuality, you are laying the foundation for a more solid future. Depending on how long your repayment plan was established for, you could possibly have three to five years to start getting your life back on track. Here are some tips to help you and your family get through the next few years and come out on top.
Regardless of the type of bankruptcy you file, there is a great deal of paperwork that is involved. You have to provide a great deal of financial information to the courts including documentation on your assets, income, and debts. It is important that you do not leave anything out of your paperwork. It is a good idea to hire an attorney that is experienced in filing a Chapter 13 bankruptcy in Nebraska to help you with this. He will ensure that all of your paperwork is properly completed and submitted to the courts in a timely manner.
How you spend your money over the next three to five years is important. As part of your Chapter 13 bankruptcy in Nebraska filing, you have to repay your debtors. Depending on how much your payments are each month and the amount of income your family generates, you could find yourself with very little wiggle room with your finances for a few years. Although this can be concerning, it is a something that you can take control of and handle.
You and your family need to sit down and create a budget. As part of your budget, you need to tally up how much income is coming into your home each month. You also need to add up your monthly expenses such as the mortgage, car note, and insurance. Once you have figured up the expenses that are necessities, start thinking about the discretionary expenses. These expenses are not necessarily those which are essential to your family's livelihood. This can include satellite television or cell phones if you have a telephone line at home.
It is important to note that after your Chapter 13 bankruptcy in Nebraska filing has been filed with the court and ruled on, you are not finished. There is more to your case. At any time, you could receive notices from the bankruptcy trustee or your lawyer. Ensure that your lawyer can get in touch with you in case an issue arises that needs to be handled.
The bankruptcy trustee will send you regular ledgers that detail your payments and how much more you owe to each creditor. It is important that you review these carefully. If not, you could end up paying a creditor far more than you were supposed to. You also want to be sure that you keep up with your payments. If you are unable to, contact your lawyer immediately. The lawyer will need to contact the trustee and determine what options you have for paying off the remainder of your debt.
There are many options that you can exercise if you are unable to make your payments. For instance, the trustee could opt to temporarily suspend your payments. There could also be a modification to your plan made by the court if you are unable to continue meeting the amount you agreed to pay. If you were originally committed to pay for less than five years, the court could extend the amount of time that you have to pay to allow you more time if needed.
For more on chapter 13 bankruptcy in Nebraska, visit johnturcolaw.com