Bankruptcy is a way out of debt and gives the debtor a fresh start. However, it may not be easy for the debtor to live up to the bankruptcy plan. In order to qualify for a Chapter 13 bankruptcy, filers’ total unsecured debt must be less than $360,475. On the other hand, total secured debt must not exceed more than $1,081.400. When one is Filing Bankruptcy in Kilgore, TX, the court issues an automatic stay. The automatic stay stops harassing phone calls and letters from debt collectors.
Before Filing Bankruptcy in Kilgore TX, there are certains documents you need. The Attorney at Law and debt relief agency will want to see the following:
* tax returns
* income verification
* real estate deeds
* automobile registrations
* retirement and bank account statements
Your attorney uses this information to complete the bankruptcy petition and attached schedules. The bankruptcy trustee reviews the information and comes up with a plan. Indeed, the bankruptcy plan includes a monthly figure the debtor must pay to go towards debt. Unfortunately, the monthly payment takes up a large portion of a person’s income. However, there are ways to survive. Debtors who are Filing Bankruptcy in Kilgore TX need to put themselves on a budget.
Get rid of as many unnecessary expenses as possible. Ask yourself, can I do without cable television for a year or so? It may be good for a family to spend time at home together and not eat out so much. Cut out little things, like the car wash, and try doing it yourself. In addition, one can always cut out designer coffee drinks. It may not be a bad idea to try getting a second income. In fact, there are many part-time job offerings on the internet. Many people, Filing Bankruptcy in Kilgore TX, try selling off some possessions. If you have a $1,000 fur coat that never gets worn, take it to a consignment shop. Do you have an expensive gas grill that’s seldom used? Add some other items and have a yard sale. It can be a daunting task to survive Chapter 13. However, it’s worth it to get a fresh financial start.