The United States Bankruptcy Code provides debtor an opportunity to pay back their creditors over a period of time of up to five years. This process is completely supervised by court. Your attorney will ensure that your interests will be protected.

Chapter 13 Bankruptcy allows debtor to keep all of their property. However, an interest-free plan for repayment must be developed and approved by court. The debtor begins to make payments within thirty to forty five days after case has begun. Unlike Chapter 7 Bankruptcy, payments are made to trustee who will then pay appropriate creditors. Chapter 13 Bankruptcy prevents creditors from collecting from debtor. The creditors are required by law to follow strictly terms of repayment plan. Your attorney will prepare this payment plan.

“On a basic, fundamental level, problem is created by spending more than you make,” says Brad Stroh, co-CEO of San Mateo, California-based Freedom Financial Network, LLC, a company that specializes in debt resolution services.

The reasons for doing so, he notes, are varied:

• Spending addictions • Lack of budgeting (mistaking amount of money coming in and going out) • Loss of income (reduced hours, layoffs, forced to leave workforce) • Increased costs (health-related expenses, fuel and other basic living expenses) • A personal hardship (divorce, medical illness, loss of a loved one or other major changes in a person’s life)

You can, however, get out of debt—but it takes commitment. Here are 5 steps to accomplishing your goal.

1. Start Planning—and Saving “The only way to guarantee solid financial footing is through proper planning—and that’s where most consumers go wrong,” Stroh says. “Proper planning means monthly budgeting of cash flow, combined with saving for long-term security.”

Stroh recommends saving at least 5% of your income to ensure long-term financial security.

“Of course, this percent will vary by age group and individual’s financial goals and objectives,” he says. “Younger people can expect to spend their early years saving less of their income, paying off student loans and debts incurred during periods of lower income. Older individuals should be planning for retirement and saving a larger share of income.”

2. Seek Professional Help If you are facing financial hardship, do not procrastinate when it comes to seeking professional advice.

“People often wait too long,” Stroh says. “If someone is living paycheck to paycheck, is behind on any revolving financial obligations (including credit cards), is using credit cards to pay for necessities, or is facing collection, he should consider getting immediate advice from a professional debt management firm or financial advisor.”

3. Stop Spending If you continue to spend money, despite your ever-growing debt, you likely have a bona fide addiction that requires psychological intervention.