Hello, my name is Marcy. I would like to talk to you about the various ways bankruptcy attorneys help you eliminate debt. My attorney helped me find all of the creditors that I needed to pay back. I was astounded at the number of creditors listed on the bankruptcy. Fortunately, my bankruptcy attorney assured me that my case was completely normal and possible to discharge through the court process. I hope to use this site to reassure others about their debt situation. I will share information about bankruptcy attorney services in an effort to help others tackle this difficult problem.
Choosing to file for a chapter 13 bankruptcy is a major decision, but it can provide you with a range of great benefits. A chapter 13 bankruptcy is a type of bankruptcy filing that allows you to repay your creditors by adjusting your monthly payments and lowering your total debt amount. You should consider filing for a chapter 13 bankruptcy because it will allow you to keep your property, can reduce debts that can't be eliminated through a chapter 7 bankruptcy, and will minimize the impact on your credit report.
Keep Your Property
One of the biggest reasons to consider a chapter 13 bankruptcy is because it will allow you to keep most of your property. In many cases, a company will be unable to repossess or seize any of your property during a chapter 13 bankruptcy process because the bankruptcy court will have created a payment plan where you will be repaying your creditors over a 3-5 year span. This is a big advantage over a chapter 7 bankruptcy, because in that type of filing a lot of your property can be seized to compensate your creditors for the fact that you are completely discharging your debt to them.
An example of why you would want to file a chapter 13 bankruptcy in order to keep your property is if you have house payments that you are behind on. Rather than having the home foreclosed on, a chapter 13 bankruptcy can include those missed payments in your repayment plan so that you can get caught up and keep your home.
Have Debts That Cannot Be Eliminated Via Bankruptcy
Another reason to consider a chapter 13 bankruptcy is if you have debts that you cannot completely eliminate with a chapter 7 bankruptcy. For example, if a large portion of your debt is from taxes you owe or student loans, a chapter 13 bankruptcy can take those debts and make them easier to pay with your 3-5 year payment plan. Other debts that cannot be eliminated are legal judgments against you, child support, or alimony.
Minimize The Impact On Your Credit Report
While no form of bankruptcy is a good thing for your credit report, a chapter 13 can make things a bit easier on you. Now, both a chapter 7 and 13 bankruptcy will appear on your credit report for 10 years, a loan officer or credit department are more likely to provide you with a favorable credit decision if you have a chapter 13 bankruptcy instead of a chapter 7. The reason for this is that a chapter 13 shows that you hit a rough patch but still chose to pay your debts rather than wipe them out completely with a chapter 7 filing.
Speak to a bankruptcy attorney today in order to discuss whether a chapter 13 filing is the best choice for you. A chapter 13 filing is a good option because it can help you deal with debts that cannot be cleared with a chapter 7 bankruptcy, can minimize the impact on your credit report, and help you keep most of your property safe from seizure or repossession.
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