Our law office knows that there are many options to choose from when it comes to filing for bankruptcy. Each approach is ideal in different situations, but in this blog, we will look at some of the advantages of Chapter 13. For starters, we know that some people are ineligible for Chapter 7, causing a sense of hopelessness and doubts that one will ever get rid of their debt. Fortunately, some people in this tough position file for Chapter 13 and eventually find the financial future that they dreamed of.
For starters, Chapter 13 helps people get rid of high levels of debt. This leads to financial freedom, a fresh start, the opportunity to pursue new ventures and relief from high levels of anxiety. People who take this route set up a payment plan that allows them to make payments that suit their financial circumstances, eliminate debts that are not fully repaid and protect their home from foreclosure. Many homeowners benefit from taking this approach to their debt and Chapter 13 also helps prevent interest from ballooning further out of control.
These are some of the primary benefits associated with Chapter 13 bankruptcy, but it is imperative to review the unique factors related to one’s debt before deciding how to approach the bankruptcy process. A lot of different factors require examination prior to filing a bankruptcy petition and we help people work through these issues. If you are interested in reading more information about the Chapter 13 process, please visit our firm’s page on this strategy and look into your options.