Are you facing the prospect of going bankrupt in Ohio? The key to successfully handling your debts will be creating an alternate plan under Chapter 13.
How can filing under Chapter 13 help you?
Filing for bankruptcy under the terms of Chapter 13 can be advantageous in many respects. Chief among them is the fact that this plan can give you the best chance to pay back your debts and keep your assets. The entire setup of the Chapter 13 plan is to allow you to achieve this goal in a timely manner.
The important thing for you to note about Chapter 13 is that not every debt is treated in an equal fashion. Some debts need to be paid in full while others can be satisfied with a partial payment. This is due to the unique way that your debts can be restructured. However, it will need to be carefully planned.
How can you create a Chapter 13 plan?
There are several kinds of bankruptcy plans that you may consider adopting. Chapter 13 may prove to be the most useful if you are in particular need of prioritizing your debts in a certain order. You can use this plan to demarcate your priority, secured and unsecured debts.
The first thing you will need to do is contact a financial professional to help you draw up your Chapter 13 plan. This is not the kind of action that an amateur should undertake. From there, you will need to file a pair of forms. These are known as Form 122C-1 and Form 122C-2. The two forms can be used to draw up the basic shape of your Chapter 13 plan.
You will then be able to determine how long your payment structure will last. You will need to ascertain the order of priority for all of your debts before beginning payment. With this plan in place, you stand an excellent chance of managing your debts and feeling capable of paying them off.