Debt Repayment and Relief in Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, individuals who are in debt may repay all or part of their debts through a repayment plan that lasts for a period of three to five years. At the end of this period, all remaining debts are discharged. Chapter 13 bankruptcy can be a better option than Chapter 7 bankruptcy for some people, depending on their circumstances, and understanding what option is best for you can help you find the debt relief you need.
At the Law Office of Daniel R. Whitmore, you can speak with an attorney about your financial situation and learn more about Chapter 13 bankruptcy. There are several advantages to Chapter 13 bankruptcy that may be able to improve your situation better than Chapter 7 bankruptcy. Like any bankruptcy, Chapter 13 will stop creditor harassment and foreclosure proceedings while giving you a fresh start to your financial future.
Advantages of Chapter 13 Bankruptcy
There are many benefits that Chapter 13 bankruptcy offers those filing for bankruptcy. These benefits often include:
- Home owners are able to catch up on mortgage payments and prevent foreclosures without having to worry about whether the properties are considered exempt
- All collection efforts will be stopped immediately, including phone calls, letters and e-mails, as well as any repossession or foreclosure proceedings
- Allows individuals who do not qualify for Chapter 7 bankruptcy under the "means test" to file for bankruptcy protection and discharge their debts
- Prevents co-signers and third parties from being negatively impacted. If Chapter 7 bankruptcy is filed and a loan is discharged that has a co-signer, the co-signer will be fully responsible for the debt.
- Other kinds of debt, which may not be discharged in Chapter 7 bankruptcies, may be able to be discharged in a Chapter 13 bankruptcy, including some tax debts and student loans
Additionally, many people feel morally convicted to repay all of their debts. Chapter 13 gives these people an opportunity to satisfy these debts, while maintaining their financial stability and providing optimism for the future.
Contact a Bankruptcy Lawyer in Seattle, Washington
Learn more information about Chapter 13 bankruptcy and how it may be able to help you find the debt relief you need. Contact us at the Law Office of Daniel R. Whitmore and get the personal service and proven solutions that you deserve. Call our office at 866-467-5841 to schedule a free initial consultation and talk with us about your financial issues.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
