Navigating financial difficulties can be an overwhelming and stressful experience. When debts become unmanageable, it may be time to consider Chapter 13 bankruptcy. Chapter 13 offers an opportunity to reorganize debt and establish a structured repayment plan, potentially saving assets like your home from foreclosure. It is crucial, however, to recognize the signs that indicate this legal option might be necessary.
Inability to Keep up with Monthly Bills
One of the primary indicators that it might be time to consider Chapter 13 bankruptcy is your consistent inability to pay monthly bills on time.
Are you about to file for bankruptcy, but you are worried about what happens to the cryptocurrency that you own? You likely will have these questions about this unique legal situation.
Must Cryptocurrency Be Included In A Bankruptcy Filing?
The most important thing to know about bankruptcy is that you must disclose all of the assets that you own. Even though you own a form of currency that is not the American dollar, cryptocurrency is considered a form of property that must be disclosed.
You want to make it as easy as possible to transfer your assets to your beneficiaries when you die. One way to do that is by avoiding the probate process. Probate is when your family has to go to court to determine who gets your assets. It is a public process that anyone can have access to.
It is possible to avoid probate with the right planning. In order to avoid probate, you're going to want to work with a probate lawyer or with an estate planning lawyer.
Getting rid of debt through a chapter 7 bankruptcy is certainly a very good thing. However, you may also want to hold on to certain pieces of property and debts connected to them—like your vehicle. Making a move known as a reaffirmation can help some filers do just that. To find out the details of how reaffirmations work, read below.
Debt and Repossessions
It's easy to fall behind on bills once they begin to accumulate.
Financial distress is when you are in a financial crisis. It's when you may not be able to pay your bills and may only be barely able to keep yourself fed and clothed and with a roof over your head. If you are in a financial crisis and are unable to pay your bills, you may qualify for bankruptcy so you can get out of debt and prevent complete financial ruin.
