"Okuwari?" (More coffee?), came a voice from the kitchen. "Thank you!" From my maps I could see that it was only a matter of time before I would have to say good bye to National Route 229 for a while and head onto Route 913 bound for the towns of Suttsu and Shimamaki. There was less litter about the road than on previous roads I tramped over. Still, there were the usual discarded empty beer and juice cans, the occasional milk carton, and so on. Just as I was folding up my maps to put away I could see from one of the restaurant windows a large van pass by outside, 'MegMilk' printed on its side. It reminded me to keep an eye open for a shop somewhere to pickup a small carton of milk to add to a nice hot cup of tea at camp tonight.
Your bankruptcy obligations require you to pay a certain amount of money each month. This amount will be distributed among your creditors according to how much you owe them and the type of debt it is. After the end of 3 to 5 years, your bankruptcy will be complete; and you'll no longer be liable for any debt that was discharged under it.
When it comes to voluntary bankruptcy there are two options. You can file for chapter 13 bankruptcy or you can file for chapter 7 bankruptcy. These are your options so you should know what you are doing before you file for bankruptcy.
Chapter 13 code of bankruptcy allows a debtor to 'restructure' his debts. This option is ideal for people who have a steady source of income and have the ability to repay their debts in near future.
In order to survive bankruptcy in the best way possible, you should make your payments on time, avoid acquiring additional debt, participate in financial counseling, and hire a lawyer to help you through it.
Filing under Chapter 13 gives you the opportunity to keep your home and your car as long as you can make the payments as agreed. Unfortunately, filing for bankruptcy doesn't give you the ability to change the terms of your loan. This means it's unlikely that you can negotiate a lower monthly payment with your lender. So before you decide to keep your home or car, you have to be certain that you can afford to do so.