Without doubt, Chapter 13 Bankruptcy is the most powerful tool for reorganizing your finances in the US – the free world. Chapter 13 gives you an opportunity to reorganize your life and emerge from the dismal darkness of the absolute hell of insolvency.
Lately, I have met with several people who are in 13’s and are being represented by other lawyers. What disheartens me most – is the fact that many lawyers do not take the time to help their clients put together a reasonable and feasible budget. No matter the term of your plan – be it 3 years or 5 years – you commit to making a plan payment and you commit to surrendering at least 50% of your income tax refund for the entire duration of your plan.
The Trustee gives you a booklet at your 341 hearing – please read it. It will tell you everything that your lawyer may have been too busy to tell you.
We are implementing a new program which we call “budget-master.pro.” Through this program we are committed to helping you get a grip on your spending. If your budget (Scheduled I & J) allows for $500 a month for food – then guess what? You are limited to spending $500 on food. If your budget is not working – you need to see your attorney and get your plan modified.
The purpose behind Bankruptcy is to lift you out of the depths of financial hell – not make you suffer more. Bankruptcy is not about penance – it’s about peace of mind and emerging better and stronger.
Planning and budgeting is the key. I spent3 hours with a couple last night and they had some really tough decisions to make. The best and most joyous decision was their decision to get married and truly get joined together in a financial plan that makes sense. The tough part was letting go of some of their toys and other stuff that just doesn’t make sense for a successful reorganization. But – they came together and made a commitment to each other and to a plan for financial success. Amen!
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