Bankruptcy is an option for those that have a lot of debt and not enough money to pay back that debt or enough money to live and survive each and every day. If you are one of those in this situation, bankruptcy may be the right choice for you. Your debt and how much money or assets you have will decide what type of bankruptcy you will need to file. If you have to file for a chapter 13 bankruptcy, don't fret. there are a number of benefits of filing for this type of bankruptcy. Read on for a few of the benefits of a chapter 13 bankruptcy.
1. You May Get To Keep Your Assets
In a chapter 13 bankruptcy, you are more likely to be able to keep your assets. You are still going to have to pay them back, but you will be given a more affordable payment plan that you can afford. You may be able to keep Assets such as your home, cars, and possibly even recreational vehicles as long as you can afford the payment plan to pay them all back. Some assets may need to be sold off, and these are going to be items that aren't necessities for you to live every day.
2. Your Payment Plan Will Be Affordable
The good news about having to still pay back your debts is that you will have a payment plan that you can actually afford. The payment plan will allow you to pay back the debts you have, allow you to keep your assets, and will also allow you to have some extra money in your pocket at the end of the month for other necessities such as your monthly utilities, groceries, and entertainment expenses.
3. You Won't Have Creditors Calling You
Once you file your bankruptcy, you won't have creditors calling you, sending you bills in the mail, or attempting to take you to court for repayment of your debts. Once your bankruptcy is filed and throughout your bankruptcy, your creditors cannot contact you at all. They have to go through your attorney and are no longer able to contact you personally.
If you are considering filing for bankruptcy, you have a lot of debts, and still have a good income to pay back these debts, a chapter 13 bankruptcy may be the right financial move for you. Call a chapter 13 bankruptcy attorney today for a consultation to discuss your options.