What is Chapter 13 Bankruptcy
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When you file for bankruptcy you have two options: Chapter 7 or Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a type of bankruptcy that helps reorganize a filer’s debts while protecting the applicant from the looming threat of debt collection, repossession, and foreclosure. Through an agreed upon repayment plan and over the course of three to five years, the debtor makes feasible repayments to their creditors. Contingent on the successful completion of this payment plan, all qualifying debts are discharged. Examples of non-qualifying debt include child support and student loan debt. Often referred to as the wage earner’s plan, you can acquire a debt-free future while still maintaining protection of the life you know and love. Assets such as your car or your home are protected as you go through Chapter 13, providing stability and security.
Once you declare bankruptcy through Chapter 13, immediate relief kicks into effect with an automatic stay, prohibiting creditors from acting against you or making pesky collection phone calls to your number. There are many reasons why some people opt into filing for Chapter 13 and try to enjoy its extensive benefits. Chapter 13 is often the right course of action for those who have filed for Chapter 7 previously or who do not qualify for Chapter 7. Filers seeking to avoid foreclosure on their homes or safeguard against seizure of their car often find Chapter 13 to be the most beneficial option. If your income is stable, you have a substantial disposable income, or your income is too high to qualify for Chapter 7, then filing for Chapter 13 could deliver you out of financial trouble.
Filing for Chapter 13 might be the path towards financial stability that you have dreamed of, especially if you want to minimize disruption to your life. Determining if filing a claim is your easiest way to acquire a fresh start is best done with the help of a trusted attorney that can be found here at Hoglund Law Bankruptcy.