Is It Feasible and Beneficial to File a Chapter 13 Bankruptcy Case?
Spiraling debts do not just pile up in your account books; they can add stress affecting everything in your life. Often, declaring bankruptcy can be your best option. You will need a chapter 13 lawyer to advise you on the process.
How Does Chapter 13 Work?
Theoretically, Chapter 13 of the bankruptcy code gives you the opportunity to plan repayment of all your debts over a 3-5-year period. Chapter 13 will allow you to restructure your debts such as home mortgages, auto loans, and unsecured debts such as credit cards and medical bills.
Top Benefits of Chapter 13 Code
• Your payments are based on your income and ability to pay and the means test.
• You will not be harassed for loan repayment while you are in chapter 13
• The bankruptcy will be removed from your credit report in 7 years from the filing date.
• You can keep all of your property and car even if they have a lot of value.
• You can continue living a normal life with your payments already planned out
It is highly advised that you discuss your case with an experienced Chapter 13 lawyer who can guide you on how to move forward. Do not commit anything by yourself, as that could land you into a debt trap. Stay positive, trust your lawyer, and you should have nothing to worry about.