If you're trapped under overwhelming debt or fighting to keep your home, filing for Chapter 13 bankruptcy can be advantageous for many reasons. It's one of the few options that may stop foreclosure, protect your car and clear debt tied to mortgages and credit cards.
By filing for Chapter 13 bankruptcy, you may be able to catch up on overdue loan payments while keeping valuable property. Chapter 13 may also help you clear debt tied to medical bills, utility bills and personal loans.
To learn more about the benefits of Chapter 13, fill out the form below. You can get a free case evaluation with a Chapter 13 bankruptcy lawyer near you.
Through Chapter 13, you and the bankruptcy court will create a consolidated payment plan. Under this plan, you will make regular debt payments over the course of 3 to 5 years to a single, court-appointed trustee.
The trustee will field requests from creditors so you don’t have to worry about bill collectors. In many cases, at the conclusion of the case, the trustee also dismisses remaining debts from credit cards and other unsecured sources.
As mentioned above, there can be several advantages of filing for Chapter 13 bankruptcy. These include:
While Chapter 13 can offer certain advantages, it is usually reserved for people who have steady incomes. If you do not have a regular source of income, keep reading below to learn about a Chapter 13 alternative.
If you are buried in debt and do not have a steady source of income, you may be eligible for Chapter 7 bankruptcy. Chapter 7 is typically used by people who have limited assets.
By filing for Chapter 7, you may be able to eliminate some or all of your unsecured debts. These types of debts may include:
Chapter 7 bankruptcy filings do not involve a new repayment plan. On the contrary, in some cases some of your property may be sold to pay off your debts, but many types of property, including homes and cars, may be exempt from liquidation.
Types of property that are exempt under Chapter 7 vary widely by state law. As a result, you may wish to ask a bankruptcy lawyer about the bankruptcy laws in your area.
To learn more about the advantages of filing Chapter 13 or Chapter 7, contact a local bankruptcy attorney today.
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