Benefits of Chapter 13 Bankruptcy
While many Americans facing debt today are intimidated by the decision of whether or not they should file for bankruptcy, the truth is that it can be an excellent tool to help overcome otherwise insurmountable financial burdens. Additionally, with the help of a qualified attorney who will be dedicated to helping you understand and complete the process, you can avoid making mistakes in the process, making the entire experience significantly easier for you.
There are several types of bankruptcies designed to offer benefits that best fit individual needs of applicants. Among these types is Chapter 13 bankruptcy, which offers a number of excellent benefits that others bankruptcy options do not. Chapter 13 bankruptcies generally attract wage-earning debtors who would be able to pay off their debts if given more time and lower monthly payments.
Filing for Chapter 13 Bankruptcy
There are many reasons why a Chapter 13 bankruptcy may be much more appealing to certain individuals. For example, a Chapter 13 bankruptcy could offer you the chance to:
- Stop foreclosure proceedings
- Make up missed mortgage or car loan payments
- Lower the impact of bankruptcy on your credit report
- Reschedule secured debts
- End direct contact with lenders
Generally in Chapter 13 bankruptcy proceedings, a debtor will create a suitable repayment plan that will be more manageable and allow the debts to be paid off between three and five years. If this plan is approved, debtors will be allowed to pay off their debts without facing constant harassment from collectors.
Contact a Plano Chapter 13 Bankruptcy Attorney
The Chapter 13 bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., want to assure you that filing for bankruptcy does not have to be such a daunting task. Call (214) 317-4448 to see how we can help you through the process today.