Filing for bankruptcy is not usually a pleasant option for anyone to take. However, when circumstances force you to, you have to make sure that you do it right so as to avoid any more problems later. If you are falling behind in your payments yet you still want to keep your property, it is best to file for chapter 13 bankruptcy. This shows that you have the intention to eventually clear of the secured debts that you owe. A good chapter 13 attorney in Springfield will help you file for this successfully, and you will get a period of between three to five years during which you are supposed to clear your outstanding debts so that you get to keep your property.

You will be expected, after successfully filing for chapter 13 bankruptcy, to continue making payments for the financed property that you intend to keep. The payments that you will be making regularly are part of the initial loan agreement. There will be also another monthly payment that will be agreed on through the bankruptcy plan, which you will be paying to help you become current with the delinquent payments. A chapter 13 attorney will advise you accordingly and ensure that you get a bankruptcy plan that will enable you to clear all outstanding debts so that you retain the property in the end.

In these bankruptcy cases, there will be a trustee who will be in charge of administering the case. It is this trustee who will be receiving the monthly payments fro the debtor and distributing it to the creditors. First of all, the trustee makes sure that the debtors and creditors have submitted all the required paperwork. He will then have to confirm that the debtor will be able to successfully make the payments according to the bankruptcy plan. This means confirming that you, as the debtor, have enough money per month to meet your monthly expenses and make the bankruptcy plan payments. You need to have a chapter 13 attorney on your side because if the trustee feels that the bankruptcy plan is not workable, then the court will not approve it.

The chapter 13 attorney in Springfield will thoroughly review your debts and finances and then go on to explain to you how the chapter 13 bankruptcy is the best way to deal with the financial mess you find yourself in. The attorney will give you an estimate of how much the monthly trustee payments will be to help you decide whether you can go through with the plan. In case you feel that chapter 13 bankruptcy will not be a viable option, the chapter 13 attorney will be able to discuss with you other alternatives you can take.