If filing for bankruptcy under Chapter 13 in Memphis or wherever you currently live makes sense for your situation, then you should talk to your attorney about filing the paperwork as soon as possible. The sooner you file, the sooner your creditors will stop calling you and the sooner you'll be on the road to financial recovery.
Once you've decided that bankruptcy is the only viable option, relief is quickly followed by fear and uncertainty. If you've chosen to file for Chapter 13 financial relief, it is important that you understand what steps you need to take to help you through this long, arduous process. Relief doesn't happen overnight. It is a process of 3–5 years that requires your full involvement and commitment. Keep reading for tips on how to survive this small speed bump toward a brighter financial future.
The trustee will oversee your matter. He or she is looking for assets that can be sold with the proceeds going to pay back your creditors. Under the Bankruptcy Law, certain property is exempt, which means the trustee cannot take it from you. Often when you file for Chapter 7 bankruptcy, you are able to keep your certain property because of the exemptions.
It's also possible that you don't want to get rid of certain debts. For example, if you want to keep your home, then you need to keep making the mortgage payments on it. If you are behind on your mortgage, then Chapter 13 bankruptcy can help you play catch-up, but you probably won't be able to change the monthly payment amount.
New bankruptcy laws require most debtors to enroll in some form of financial counseling. When you have to complete the course depends on the exact requirements of your bankruptcy, but your lawyer should be able to advise you in this matter. Financial counseling doesn't sound like a fun class, but it can really help you out in the future.
However, it is not an easy task for an ordinary individual to carry on with the legal procedures of a Chapter 13. One should seek the help of a professional legal representative who can provide the right guidance regarding the court proceedings. One must be a careful while looking for a lawyer. Here are a few tips that one must follow while searching for a lawyer:
We did not talk very long, I recalled, which meant there was little time to cover anything of any great depth, strangers or not. We were both pressed for time, Kimiko to catch the ferry, and me to tramp as far as my legs could carry me before the sun went down. In the end, there was just enough time to pose for a snapshot of one another before she started off. The Japanese, especially the very young, had a thing about forming the 'V' sign with their fingers. “Wasn't that something brought to prominence by Winston Churchill when he was leader during the Second World War.” I thought. To him it had something to do with 'victory', whilst here in this day and age it had something to do with 'peace'. Though if only such a thing could be obtained for something so little.