If you have a steady income but are overwhelmed with debt, filing for Chapter 13 bankruptcy might be the best course for you. Chapter 13 gives you five years to repay all of your debts, but under much more favorable terms than the original loan contract.
Chapter 13 Vs Chapter 7 - Discover the Benefits of Filing For Chapter 13 Bankruptcy
If you have a steady income but are overwhelmed with debt, filing for Chapter 13 bankruptcy might be the best course for you. Chapter 13 gives you five years to repay all of your debts, but under much more favorable terms than the original loan contract.
Here are several advantages to filing for Chapter 13 bankruptcy:
1. Unlike Chapter 7, Chapter 13 does not require you to liquidate your property. If your home is being foreclosed, Chapter 13 will stop the foreclosure proceeding. You will be able to keep the home, as long as you make payments on time during the Chapter 13 bankruptcy plan.
2. Smaller secured debts, such as car payments, can also be rescheduled. Payments can be extended until the end of the Chapter 13 bankruptcy plan.
3. If you have a co-signer on any of your loans, Chapter 13 bankruptcy will protect them from action by your creditors. If you file for Chapter 7, any co-signers may be forced to file as well.
4. Throughout the life of the bankruptcy plan, you will not have to deal with creditors directly. In Chapter 13 bankruptcy, you make all payments to a trustee who distributes the money to each of your creditors.
Chapter 13 bankruptcy can be an attractive alternative to Chapter 7 if you are employed or otherwise have steady income and just need a little relief from your debtors in order to get back on track. While it's more complex than Chapter 7, you can emerge from Chapter 13 bankruptcy with your debts satisfied and your property intact.
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