Falling on hard financial times is not uncommon. When things spiral and you need help, the possibility of filing bankruptcy is always an option. One of the most common filings for bankruptcy is Chapter 13. This allows you to make arrangements with your creditors to make installment payments over the course of three or five years to repay your debt. If your income is less than the state median, you are given three years. If your income is greater than the average state income, the five-year period is most likely what you will be given. No plans offer a payment plan for longer than five years. It is also during this payback period that creditors are no longer allowed to contact. If Chapter 13 bankruptcy is the most ideal option for you, then it may be time for you to find a Chapter 13 bankruptcy attorney in Valdosta.

The advantage of Chapter 13 Filing
There are many things that differ between the different types of bankruptcy you can file. One advantage of filing Chapter 13 is the possibility of saving your home if it is in foreclosure. When using Chapter 13, you are allowed to cure delinquent payments over time as long as you are able to keep your current payments on time. This chapter also allows debtors to reschedule secured debts, other than the mortgage for your primary residence. Chapter 13 also has the advantage of protecting co-signers. One last advantage of using this chapter is that it basically consolidates all your debt and distributes the payments you make between those you own.

How does filing for bankruptcy work?
The eligibility requirements to file for Chapter 13 bankruptcy change according to the consumer price index. As it currently stands, if your unsecured debts are below $394,725 and your secured debts are less than $1,184,200, you are eligible to file. If you are eligible, the best thing to do is find a Chapter 13 bankruptcy attorney in Valdosta. Once that is done, your attorney will file a petition in bankruptcy court on your behalf. The court will then tell you the process you must follow, your fees, and what other filings you and your attorney must do. If you find yourself in need of a bankruptcy attorney in the Valdosta area, Charles Farrell Jr. Attorney at Law, will be glad to take your case and lead you on your journey.