Your Chapter 13 case is, at its core, a 60 month math problem. Under Chapter 13 law we have a maximum of 60 months (5 years) to pay back your debts under the many rules set out in Chapter 13 of the United States Bankruptcy Code.

As I note in this video, when I meet with a potential client I encourage that client to look at the next 5 years with “reality glasses.” Yes, you may get a bonus, extra pay from a part time job, or inherit money from an unexpected source. However, if you are sitting across the table from a bankruptcy lawyer, it is likely that positive financial events in your life have not happened.

You should proceed in bankruptcy with the assumption that you will be lucky if your income and expenses stay the same, but the more likely scenario is that you will have to make do with less.

Therefore, don’t look at Chapter 13 as a tool to maintain a set lifestyle or to keep all property. Look at Chapter 13 as a court supervised survival plan. Use the power of Chapter 13 to give up property you cannot afford, or to legally break installment contracts that will allow you to drive a cheaper car or live in a cheaper house.

Less than 50% of Chapter 13 plans make it the full five years and end up with the debtor receiving a discharge. Increase the chances of getting the full benefit of a Chapter 13 discharge by entering your plan with a sense of reality. #chapter13bankruptcy #atlantabankruptcyattorney #chapter13plan #bankruptcylawyeratlanta

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Jonathan Ginsberg
Atlanta Bankruptcy Attorney
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