Chapter 13 bankruptcy is a type of debt consolidation where debtors have to repay some or all of their debts to creditors using a repayment plan system. However, before filing for bankruptcy, it is important to understand the pros and cons and how it can benefit you before proceeding. You want to make the most out of your bankruptcy filing, and not understanding what is expected of you could cause you to not yield the results you are looking for. Our Branford, CT Chapter 13 bankruptcy lawyer can discuss this bankruptcy chapter with you in further detail over a consultation. If we feel that another bankruptcy chapter would suit you better, we will be honest and give you the information you need to make a decision for yourself. Ultimately, we want you to file for the correct bankruptcy chapter and find alleviation from debts that are burdening you.
Benefits Of Chapter 13
Compared to other bankruptcy chapters, Chapter 13 allows debtors to partake in a repayment plan to fulfill their debts. With this, they may have certain remaining debts discharged once that repayment plan is completed. Debtors won’t have to use their assets to liquidate and pay off creditors. Those who wish to keep their belongings are likely to prefer to operate under Chapter 13 bankruptcy. This form of bankruptcy requires someone to have a consistent source of income so they can abide by the payment plan.
If you do not have a reliable source of income and are concerned about your ability to meet these payments, then this bankruptcy chapter may not be for you. As our knowledgeable Chapter 13 bankruptcy attorney explains, our clients often experience the following benefits:
- You can keep your home and other personal property
- You are protected from creditor collection efforts
- You are able to repay some or all of your debts with reduced payments
- You can discharge debts that are not allowed under other bankruptcy methods
- You eliminate secured interest on real property junior liens
- You make tax repayments easier to manage by eliminating interest payments
The Law Offices Of Neil Crane
Our team at The Law Offices of Neil Crane know that money problems can cause people immense stress. You may be dealing with debts that you don’t have enough earnings to pay off, and worry about your ability to overcome these obstacles. Once we know more about your individual situation, we can advise whether filing for bankruptcy is a wise choice and which chapter is going to be most appropriate. Our CT Chapter 13 bankruptcy attorney wants to make sure the benefits you are looking for are what you experience from using this resource. We can help you with choosing a chapter, paperwork, enforcing automatic stay with creditors, and performing other legal tasks that you may be unsure how to deal with. Please do not hesitate to get started on a path to a more secure financial future by contacting our team today.
