During these rough times in our current economy, more and more Americans are opting to file Chapter 13 bankruptcy. Many people are finding that it is the only way out. A strong desire to be free of piles of bills that there is no money to pay and harassing phone calls from lenders is often the main driving force that causes people to make this major decision.
There are similarities in credit counseling and Chapter 13 bankruptcy. The main tie between the two is that now law requires a person to enter into a credit counseling program before Chapter 13 can be filed. This is to ensure the the person filing learns from past mistakes and they are not repeated. In credit counseling the individual will learn all about proper money management, debt, and how not to get in too deep again. This is a very beneficial course to take and people who are in debt and not considering bankruptcy could also benefit from it.
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Chapter 13 is usually obtained by debtors who own their own home. The debtor normally intends to remain in the home while making payments using a payment plan tailored to their individual situation. Chapter 13 is very different from Chapter 7 because the money owed still has to be paid back but the individual is protected from any lawsuits or wage garnishments that the creditor might try to pursue due to non payment of bills. Deciding whether or not to file is a major decision and should be discussed with a trusted lawyer. The decision will have an effect on a person and their finances and credit for a long time, but it is often the only option that makes sense.
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