If you are considering filing for Chapter 13 bankruptcy, you should know that it can be an effective way to manage your debt. Chapter 13 bankruptcy is a form of reorganization where a debtor can create a repayment plan to pay creditors over the course of three to five years in order to lower the amount owed or to make payments more manageable. This form of bankruptcy is most often utilized by individuals with a regular income who can afford to make regular payments to their creditors.
Chapter 13 bankruptcy offers several benefits to those in debt. First, debtors may be able to reduce the amount of their total debt. Second, debtors may be able to postpone past due payments. Third, debtors may be able to bifurcate secured debts, such as a car loan or a mortgage, into a lower repayment amount. Fourth, debtors may be able to protect some of their property from creditors.
If you are considering Chapter 13 bankruptcy, it is a good idea to speak with a bankruptcy lawyer in order to fully understand the process. A bankruptcy lawyer can explain the eligibility requirements and the process of filing for bankruptcy and discuss the type of repayment plan you should devise. They can also represent you in court, negotiate with creditors on your behalf, and help you review your options.
If you are feeling overwhelmed by your debt, Chapter 13 bankruptcy may be the solution you are looking for. A bankruptcy lawyer can help you understand the process and decide if it is the right option for you.
Call us at (940) 692-7800 or email us at firstname.lastname@example.org to see if Chapter 13 bankruptcy is an option for you.