Are You Thinking About Bankruptcy? Why You May Want To Consider Chapter 13

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financing options after bankruptcy

Some people think that after you file for bankruptcy that they won't be able to qualify for any sort of credit for many years. Is this true? Would it be possible to purchase a car with an auto loan or get a mortgage for a house? I put together this blog to provide others with the information that I have worked hard to find. As I started the bankruptcy process, I was very worried about what it meant for my financial future. Fortunately, I have recovered and have learned a lot along the way. Hopefully, this information will prove helpful for you.

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Are You Thinking About Bankruptcy? Why You May Want To Consider Chapter 13

30 December 2018
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If you have been tossing around the idea of filing for bankruptcy, you will want to spend a little time thinking about the option of a chapter 13. To help you understand why this might be the best idea for you, you will want to consider the following points.

You Don't Have To Give Up Anything

Those who file for chapter 7 bankruptcy usually have to give up extra assets that they have in order to help pay off the debt that they need help from the courts for. This could even mean giving up your vehicle if you still have a loan on it should the courts determine that you are not able to afford it. However, with a chapter 13 bankruptcy, you do not have to worry about giving up any of your assets. Whether it is a second vehicle, a jet ski, or a vacation home, you will be able to keep all of it.

You Get A Better Repayment Plan

You might have tried to set up payment plans with your creditors in the past, but may have found that they may not have been able to willing to give you payment arrangements that you could keep up with. However, when you file a chapter 13 bankruptcy, you will receive a more suitable repayment plan through the courts. Instead of making several payments to several different creditors, you will make one single payment and the money will be distributed to the creditors according to the bankruptcy terms. This can be a much less stressful way to pay off your debts, and it can also be a much more affordable way to do it. For example, you may not incur late fees or increased interest rates during this court-ordered repayment period.

After considering those few points, you should be able to see how beneficial a chapter 13 bankruptcy can be. Of course, you need to make sure that you qualify for this type of bankruptcy, and the best way to do that is to make an appointment for chapter 13 bankruptcy lawyer services. A professional chapter 13 bankruptcy lawyer will be able to examine your personal and financial situation to determine if you are ready to petition the court for bankruptcy relief. The sooner you make this appointment, the sooner you will be well on your way to getting out of the financial mess that you currently find yourself in.