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What if I don't follow my Chapter 13 plan?

Filing for Chapter 13 bankruptcy can be a lifesaver for many individuals, but it also requires a great deal of the individual. If you are considering a Chapter 13 bankruptcy, it is crucial that you consult with an experienced bankruptcy attorney to make sure that you understand the process and your obligations throughout the procedure.

In broad strokes, a Chapter 13 bankruptcy allows a debtor to discharge many kinds of debt and also create a tenable repayment plan with his or her creditors. The end goal of a Chapter 13 bankruptcy is to find a middle ground where both the debtor and the creditors make concessions in order to reach a resolution.

Once the debtor reaches a plan for repayment that can be followed reasonably, then it is absolutely crucial that the debtor keep on track with the plan. If you, as a debtor were to enter into a Chapter 13 bankruptcy and then not carry through on the repayment plan that you set up with the court, the court retains the power to cancel the process. If you find yourself in this situation, you will only have dug yourself a deeper hole, and be no closer to true relief.

For this reason, and many others, it is absolutely vital that you enlist the help of an experienced attorney when considering a bankruptcy, especially Chapter 13. With proper legal guidance, you can fully understand the procedure and your obligations, while ensuring that you do not embark on a repayment plan that you cannot actually abide by. The guidance of an experienced attorney helps you set reasonable expectations and do the hard work of getting your financial life back on track, using the power of the law to protect your rights and rebuild your future.

Source: Findlaw, "What are a Debtor's Obligations under Chapter 13?," accessed April 21, 2017

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