How Can I Benefit From Filing for Chapter 13 Bankruptcy?
We got contacted all the time with this question. Most of the clients who ask this are on the fence as to whether they should file. They think it could help their finances, but are unsure if this is truly the best idea.
There are people who can benefit from Chapter 13 bankruptcy. There are also people who are better off with another strategy, such as Chapter 7 or something else entirely (like debt consolidation).
There is no denying that Chapter 13 can help deal with serious situations, such as the following:
- Avoid (or slow down) foreclosure.
- Reduce car loan debt.
- Stop your property, such as a vehicle, from being repossessed.
- Remove junior liens from a piece of real estate.
- Stop debt collectors from contacting you.
As you can see, Chapter 13 can help you deal with some serious situations. For example, if your mortgage lender is moving forward with foreclosure, you can use Chapter 13 bankruptcy to combat this. Filing for bankruptcy will buy you several months of time. During this period, you can devise a plan for saving your home from foreclosure.
Your goal is to learn more about Chapter 13 bankruptcy, including the pros and cons. You may find that this is the best way to deal with some serious situations in your financial life. If you realize there is a better way, that is okay as well. What matters most is that you are taking steps toward a better future.
Don’t be shy about contacting us to ask questions related to Chapter 13 bankruptcy. After we learn more about your situation, we can provide advice on what you should do next. It may not be in your best interest to file. Or maybe this could be just what you need to improve your finances once and for all. If nothing else, it is a strategy to consider.