Search Site
Menu
How to Manage Your Life and Your Money During Your Chapter 13 Bankruptcy

Congratulations! You’re probably wondering why anyone would be congratulating you for filing for bankruptcy.  You’ve done yourself a favor by taking the first step in rebuilding your financial life, while at the same time freeing yourself of the stress of managing debt. 

As you know, Chapter 13 is a payment-based bankruptcy that can take three to five years to complete.  If you’ve filed a Chapter 13, it means you’re paying off some of your debts in what’s known as reorganization. During your bankruptcy, the court allows you a set amount to live on and a court-appointed trustee divides the rest among your creditors each month.

Often times this means a very no-frills lifestyle. Sometimes it means changing the basics in your life, like how much you pay for monthly living expenses such as food, cable, and clothing to accommodate for the required bankruptcy payment.  In an effort to adjust to life during a Chapter 13 bankruptcy, I recommend that my clients save ANY additional money that they earn or receive during the case.  By saving, rather than squandering the extra money, the client is in a better position to pay for any emergency expense that arises without risking the success of their bankruptcy.  If, however, a client believes that they might have enough money to “pay off” their Chapter 13, I strongly urge them to contact their attorney before sending any of the money to the bankruptcy trustee to avoid a problem.

Leave a Reply

Your email address will not be published. Required fields are marked *

Videos
Our Attorneys
Client Reviews
  • lawyers
    5.0/5.0

    Mr. Fields and his team of lawyers are the absolute best. They were professional, responded quickly to any emails or phone calls that I made and they worked quickly to get the ball rolling on things. They also made me feel so comfortable and welcomi...

    Read more

    Client

  • lawyers
    5.0/5.0

    My experience during this process was great! Jeff Field & Associates helped me every step of the way and was there if I needed their assistance.

    Read more

    Client

  • google
    5.0/5.0

    I would like to thank Jeff Field & Associates for their help with filing Bankruptcy. This was one of the hardest decisions that I have had to make. They walked me through the process and no matter what questions I had they answered them. They mad...

    Read more

    Rhonda Hays

  • google
    5.0/5.0

    This was a hard thing to do but Chris made it easy and explained everything in a way I understood the process. I would recommend anyone having to go through this to contact this office! Casey was great as well and the communication kept the whole tim...

    Read more

    Beth Carlin

  • google
    5.0/5.0

    The staff made a very stressful situation much easier to cope with. They treated me with kindness and respect. Chris and Laura are very professional and knowledgeable.

    Read more

    Anita York

See all reviews
Contact us

Please fill out the form below and one of our attorneys will contact you.

Quick Contact Form