We are currently living in a day and age where our financial climate is constantly changing. Many people are seeking relief for their debt so that they can rebuild their lives and start over fresh. Chapter 13 bankruptcy and a great chapter 13 bankruptcy attorney can help you to get that fresh start and be free of many of your debts.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is one of many different types of bankruptcy. It is also sometimes referred to as the wage earner’s plan as it does allow the person filing to choose what debt they are going to be able to pay back and also helps to reduce overall debt and creates a plan for repayment. With this type of bankruptcy, the debtor works with their chapter 13 bankruptcy attorney to create a repayment plan that works for them.
What are the Advantages of Chapter 13 Bankruptcy?
There are some distinct advantages of chapter 13 over different types of bankruptcy. The first and most obvious is that it does not entirely wreck your credit. Instead, you can work to discharge some debts while repaying others and therefore helping to rebuild your credit so that you do not have to take a major hit to your credit score.
Another major benefit is that if you have a home loan or a car loan you can reaffirm these loans and continue to pay them. This means that even though you are filing bankruptcy, you will not lose your home and you can get back to earning your money and making the best of life.
Chapter 13 is also beneficial as any repayment is going to be handled by your chapter 13 bankruptcy attorney and you do not have to make any contact with your creditors.
Bankruptcy is not something to be taken lightly. While it may seem like a quick fix for your debt it is not a decision that should be made on the spur of the moment. With many bankruptcy proceedings, you will be required to take a course online that helps to discuss why you are filing, what you can do to get your finances back on track, and what might have led you to file bankruptcy in the first place.
Bankruptcy can be incredibly helpful, it can help you to overcome the crippling effects of debt so that you can live your life and so that you can come back from debt. With the help of a great attorney you can learn what you need to do to file, what you are going to need to complete the proceedings, and even some tips about how to keep from getting into that same position again. Bankruptcy is not something to be ashamed of, even the best need help from time to time. Making certain to get the right attorney is the key to your success being able to file chapter 13 bankruptcy.