What is Chapter 13 Bankruptcy?

What is Chapter 13 Bankruptcy?

Is Chapter 13 Bankruptcy Right for You?

Also referred to as debt reorganization, Chapter 13 Bankruptcy is a form of bankruptcy that allows you to repay some, if not all, of your debts. The repayment plan is based upon many factors.  Often, though, Chapter 13 Bankruptcy is used as a tool to protect assets that you are about to lose.

If you have fallen behind on the payments for your home, you may be able to catch up and stop a foreclosure by filing Chapter 13 Bankruptcy.  If your car is about to be repossessed, filing a Chapter 13 bankruptcy would allow you to keep that car and re-work the payment to fit your budget.

A Chapter 13 Bankruptcy is a powerful tool that can protect you from overreaching creditors and debts that you can no longer manage on your own.  By filing Chapter 13, you can protect your hard-earned assets while paying credit cards pennies on the dollar.

Setting up a Chapter 13 Bankruptcy Takes the Skills of an Attorney

It is important that you obtain the services of an attorney with experience filing Chapter 13 Bankruptcies.  A Chapter 13 Bankruptcy lasts anywhere from three to five years, and can cost thousands of dollars during that time.  The attorney who files your case will likely represent you during the entirety of your Chapter 13 Repayment Plan.  As such, a skilled Chapter 13 Bankruptcy Attorney can save you and your family a lot of money over the life of your case.

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