Know your rights!

Know your rights!

Coping with financial setback can be a difficult situation an individual or business owner has to deal with. Living on  a very tight budget can be overwhelming that needs to be addressed immediately, especially when personal and business expenses are involved. Probably, you were out of work temporarily, had marital issues, or suffered serious sickness. Times become tough, budget is tight with no room for extras or emergencies. The bottom line is, you were way behind in paying bills.

Now, you want to turn your financial circumstances back in order. You may also use this as an opportunity to reevaluate your business plan and financial practices. Maybe you are considering to file a bankruptcy case. Consult Riverside bankruptcy attorneys to help  you understand your circumstances and decide what is the best solution to get your finances back on track.

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The second most common type of bankruptcy for individuals is Chapter 13. This is more about reorganization of an individual’s finances. There is more time to make debt payments at a considerably reduced amount and flexibility in payment plans and budgets.chapter 13 bankruptcy moreno valley

When filing bankruptcy court riverside, you will be able to pay your debts overtime with a repayment plan approved by the bankruptcy court. The amount of payment is tied to income. An increase in income is also an increase in payment plan.  It lets you restructure overwhelming debts by setting up a repayment period of 3 to 5 years. This may seem long enough but many things may happen overtime.

It is designed to make payment of unsecured debts more affordable. It provides a way to past due payment of medical bills and credit cards. The amount of payment is determined by the amount and types of debt, income  and debtor’s necessary expenses.