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What are some of the Benefits of a Chapter 13 Bankruptcy?

Chapter 13 bankruptcy offers several benefits, including:

  1. Protection from foreclosure: Chapter 13 allows individuals to catch up on missed mortgage payments and keep their home.
  2. Debt reorganization: Chapter 13 enables individuals to reorganize their debt into a manageable payment plan, which can help them pay off their debts over a three to five-year period.
  3. Debt elimination: Chapter 13 can eliminate certain types of debt, such as second mortgages or unsecured debts like credit card balances.
  4. Protection from creditors: Chapter 13 provides individuals with protection from creditors, who are prohibited from pursuing collection efforts during the bankruptcy process.
  5. Keep non-exempt property: Chapter 13 allows individuals to keep non-exempt property, such as a second car or a valuable piece of jewelry, that they may have had to give up in a Chapter 7 bankruptcy.
  6. Creditor Acceptance: Chapter 13 bankruptcy allows individuals to propose a plan that is acceptable to their creditors, which is not always possible in a Chapter 7 bankruptcy.

Be sure to contact Roger below to learn more about the specifics of your situation and gain invaluable from an experienced bankruptcy lawyer.


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