Many people considering a Chapter 13 Bankruptcy worry that their financial life will be on hold for the duration of the bankruptcy, which can take from 36 to 60 months depending on the situation. This is simply not true. Individuals in a Chapter 13 Bankruptcy are still able to take major financial steps in their lives, only with the added layer of gaining court approval. These major steps can be accomplished by having your attorney file Motions and/or Notices with the court. Motions to Incur Debt, Motions for Substitution of Collateral, and Notices of Sale or Lease of Property are a few examples of this. Provided that the financial steps are logical and with sound reasoning, there is usually little difficulty gaining approval from the court.
To find out more about actions that can be taken within a Chapter 13 Bankruptcy, it is recommended to set up a consultation with a local bankruptcy attorney.
