Do you plan to file for Chapter 13, or repayment plan, bankruptcy? Then one of your biggest tasks will be to craft your proposed payment plan for the three to five years required. And the underlying principle of any bankruptcy repayment plan is known as the 'best effort' requirement. What should you know about this? Here are answers to your questions about this important factor.
What Is the Best Effort Requirement?
Bankruptcy and debt relief issues can be confusing when in financial distress. Yet, this is the time you require legal protection to maintain a sense of normalcy even as you try to seek solutions to regain your financial status. Filing for bankruptcy is legal protection you can use, but you need to do it right to get the maximum benefits. A good bankruptcy attorney can make all the difference in bankruptcy proceedings.