In major league baseball, a.330 batting midpoint is considered very good for the year. But there are some times when a 33% success ratio is not very good at all. And this applies to chapter 13 bankruptcy. Learn more about this remarkable failure statistic and a great option that works even great than bankruptcy in many cases.
Chapter 13 bankruptcy is when a consumer comes to an deal with his or her creditors to repay them over a five-year period at a set monthly payment. The court approves the refund plan and you the consumer are not allowed to deviate from the firm payment schedule over the five-year period.
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What's Wrong With chapter 13 Bankruptcy?
This firm refund schedule does not allow for revenue changes, or going back to school, or getting laid off, or any other changes in your revenue which can make it hard to keep up with the payments and succeed in the bankruptcy being dismissed once you start default underpayments again. There was an scholastic study (Debtor removal and Creditor refund in chapter 13 by Scott Norberg) published in 2006 supporting the end that chapter 13 bankruptcy fails two out of three times or 67%.
So you get the big black marks on your prestige reports for 7 to 10 years, your debts don't get wiped out, and you stand a 67% occasion of failing. Now do you think chapter 13 bankruptcy is such a good idea?
If you cannot file chapter 7 then a great way out of prestige card debt is do-it-yourself debt settlement. The Ftc recently cracked down on all the debt settlement firms and made them do away with charging upfront fees before they negotiated with your creditors and achieved any settlements. A debt settlement enterprise cannot do whatever you cannot do yourself. You can achieve great results and you can get out of prestige card debt faster on your own.
Just like you negotiate the price on a car, you can negotiate with your creditors about a lump-sum settlement to erase your bad debts. They would rather decide with you before they have to charge off your list in six months and they don't want to wait five years to get paid with a bankruptcy. So both parties win and you stand a great occasion of succeeding when compared to chapter 13 bankruptcy.
There are any books and home study courses ready to teach you how to do it yourself debt settlement and debt negotiation. You can save the money you were going to pay a debt settlement firm and use that to negotiate your debts away in 6 to 12 months time. Then all you have to do is worry about construction up your prestige reports again in 1 to 2 years compared to 7 to 10 years with a bankruptcy filing.
chapter 13 Bankruptcy Fails to Work 67% of the Time
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