As this blog has previously discussed how Chapter 13 bankruptcy requires a financially struggling family to make regular monthly payments on their debts, some Tennessee residents may be wondering what exactly can be done to make sure the payment plan is manageable for them. After all, the bankruptcy will be of little help if, a few months into it, the family discovers they simply cannot keep up with the payments.
The key in making sure a person’s monthly payment is manageable is for a person to make sure that they have accurately stated both their income and their expenses and that they are fully aware of their financial situation, including the possibility of upcoming changes. Overstating one’s net income, or income minus expenses, can mean having to pay too much, while understating can make it difficult to get a Chapter 13 bankruptcy approved.
However, knowing exactly what one’s expenses and income are in the eyes of the law can be more complicated than one might think. This is why those in southeastern Tennessee who are in a difficult financial condition may want to consider contacting our law office for help.
We have board certified bankruptcy attorneys working in our office and have been representing people in bankruptcy cases for over 40 years now.
There are many advantages to filing a Chapter 13 bankruptcy that may make it the right choice for a struggling family. However, the benefits of this type of bankruptcy are only fully available if the debtor is able to agree on and pay a reasonable amount each month. While we cannot promise good results in every case, we have a record of success when it comes to getting our clients a payment they can live with.