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Is Chapter 13 the right filing for me?

Many Americans are often looking to find ways to manage their finances. There are a plethora of ways to do this depending on how you want to go about it. For some, managing money and handling debt is as simple as making a budget and sticking with it. For others, however, more forceful measures are required to get the debt under control. Since the goal is to be debt free or as close to debt free as possible, finding ways that allow you to do this efficiently and effectively is key.

Companies focused on providing their customers with debt solution programs are quite popular nowadays. Whether you see an advertisement on television or in a magazine, these companies promise to reduce one's debt. Outside of following a debt solution program, bankruptcy is always an option. Now, normally people turn to bankruptcy when the debt has reached such a point that no other viable option exists and a bankruptcy filing will provide the appropriate and necessary financial relief. The type of bankruptcy filing that is adequate is dependent upon the current status of your finances.

Chapter 13 bankruptcy appears to be a kinder, gentler way to file for bankruptcy in that it allows the filer to restructure their finances so that monthly payments are doable. A chapter 13 filing usually lasts between three and five years. A trustee is put in place by the courts to oversee the accounts and ensure that the proper payments are made. At the end of the five years, the remaining debt may be forgiven. Although a chapter 13 bankruptcy filing will be on your credit report for up to 10 years, it still may be the way to go.

Figuring out the best bankruptcy filing for you and your finances is paramount.

Source: InvestorPlace, "Should I File for Chapter 13 Bankruptcy? Chapter 13 bankruptcy allows debt to be restructured so you can pay your debtors," Jessica Whitmore, Feb. 17, 2015

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