Chapter 13 Bankruptcy Lawyer
Q.An attorney has advised us to file Chapter 13 bankruptcy due to job lay-offs and huge medical bills, etc. I would like to hear from others who have filed Chapter 13 in the past and who are willing to answer a few questions. For instance, what is life like after you file? Do they let you keep enough of your income so you feel like you are getting some quality out of life? Do they take your income tax refunds? What if you get a raise, do they raise the amount you have to pay your creditors if you get a raise? Can you put away money to go on a vacation? Any advice?
A.I represent debtors in Chapter 13 proceedings. Chapter 13 practice is fairly locality and trustee-specific; how individual trustees handle their cases is probably the biggest factor in determining how your questions will be answered. Your best bet is to ask them of a local bankruptcy attorney who files a lot of Chapter 13 cases. Generally, increases in income post-confirmation are yours to do with as you see fit. Another factor is whether you can NOW maintain your current lifestyle AND make payments on your past debts as ordered by the court. If you can't do that, look into a Chapter 7 total discharge. Many folks are too optimistic and then are stuck making payments IN bankruptcy they can't really afford. Sometimes bankruptcy IS the answer; on the other hand, some bankruptcy attorneys see it as the answer to almost every problem. And don't file if you are still incurring medical bills; only bills incurred BEFORE filing are discharged.
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