If you file chpater 13 bankruptcy, can you go into a debt management program instead? - bankruptcy debt management
Not the best place for such information, but to my knowledge, the only advantage, which is a Chapter 13 bankruptcy if they lose their homes. I believe that it provides protection in this regard. If, however, do not lose a house that is similar to a program that debt management can be a better idea.
If you look at loan applications, which tend to ask: "Have you ever been in bankruptcy. Many who reject the automatically based on. If you are in a program of debt-at least not under the answer is" yes "on future credit applications, and even if at this point you may think you do not want more credit, or the fact they want or need in the future.
Of course, I do not know the details of your situation and I consider myself not a financial expert or lawyer in bankruptcy, but I saw all the other options before products of any type of bankruptcy (unless, like me, I said that their houses lose and you need protection).
Saturday, January 16, 2010
Bankruptcy Debt Management If You File Chpater 13 Bankruptcy, Can You Go Into A Debt Management Program Instead?
4 comments:
Debt Management could be an alternative to bankruptcy, according to their circumstances. In any case worth a visit, because bankruptcy is complicated, complex and should be used only as a last resort.
This page has some details and can give more information.
Good luck!
If I choose between 2, I meet with the bankruptcy, before a program of debt management. The impact of using a company to a surviving lib.
Chapter 13 is usually better than a program of debt management. Chapter 13 is a payment plan and a court order is legally binding on all creditors. A program that debt management is valid only if your creditors voluntarily cooperate and pay the fees can be exorbitant.
However, you can voluntarily dismiss his Chapter 13, if desired. Just be careful, because laws further restrictions on the reclassification of preventing bankruptcy again and again and again.
Even though I am a lawyer, this is not the best forum to be legal advice. Consult a local lawyer that can spend more time with you to achieve your overall financial situation before we act.
Without more information about your situation is difficult to recommend anything.
If the debt is low, of course, consider debt management. Better yet, the part of the creditors. At least in contact with a non-Profect debt management companies. Your fees, you can be killed.
I agree with the speakers before. First, in Chapter 7 of the best to protect your house / property. If you take too much income you do not qualify. With Chapter 13, you have to do some of their debt payments. But with the management company either debt or Chapter 13, the result is the same. You need to pay a "trustee" all of their disposable income and should pay their bills. With the money you have, you have a very difficult transition phase. And keep in mind that debt is not in your credit reports and have a bad effect. This is certainly not as bad as bankruptcy, but still there.
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