Many individuals become debt ridden and can’t see any light at the end of the tunnel. They know that there may be a bankruptcy option but see this as doom and gloom. Bankruptcy is not meant as a punishment but as a means for people in financial trouble to get on their feet again. The Chapter 13 Bankruptcy provides that opportunity. In this particular action the debts are not written off but are arranged so they are more manageable. There are indicators in place that if a financial plan is implemented then the debt load can be carried.
A repayment plan is structured through the bankruptcy, and once in place it has to be followed. It will most likely consist of making monthly payments to the creditors which under the bankruptcy ruling they will have to accept. The Chapter 13 Bankruptcy can be complex, and it is a wise choice to use the services of a qualified bankruptcy attorney in Cincinnati to assist you.
Secured and unsecured debts are dealt with differently under this form of bankruptcy. Once the entire plan for repayment has been devised, the debtor makes the monthly payments through the appointed trustee, who in turn makes the payments as designated to the creditors each month. It is important that payments are not missed because if this happens the trustee can request a bankruptcy dismissal.