Some households reach a point where they no longer even bother to open their bills. They know that they don’t have the money to pay, and they don’t really want to know how much is owed because there is so much stress and emotion tied up in the situation. As overwhelming as your financial circumstances may be, you are better off taking a good look at what is happening so that you can make informed decisions about how you are going to move forward. One of the options that may be available to you is to declare Chapter 13 Bankruptcy Des Moines.
This is the form of bankruptcy that is roughly equivalent to when a company declares it for the purpose of getting an opportunity to reorganize and to renegotiate its debts. It doesn’t just free you from what you owe. Instead, it adjusts the way that you have to make the payments to help you to get your situation under control. It also doesn’t rely on persuading all of your creditors to agree to a more reasonable repayment schedule. It is your opportunity to appeal to the courts to have a court order put in place.
This is the option you will be pursuing if you are trying to stop foreclosure, make too much money to qualify for the discharge of your debts, you have assets you don’t want to have to give up as a part of Chapter 13 Bankruptcy Des Moines, or you owe the money in forms that can not be discharged. Filing gives you immediate protection from your creditors and collection agencies, and begins a process during which your financial situation is assessed and used to make a plan where you will pay a large portion of your income toward the debt over the next several years, and ultimately come out of the process on much firmer financial ground.
If you want to pursue this option, you need the help and support of a professional who understands the process and who can help you to decide which options are best for your situation. The law is extremely complex in this area and you will be offered a lot of misinformation from creditors and others. You need to make sure that you have the right information available from someone you can trust.
