Posted by on May 1, 2013 in Chapter 13 Bankruptcy | 3 comments

Chapter 13 Bankruptcy Claims

Click nowDebt can be a very difficult thing to handle. Incessant calls from debt collectors, living from paycheck to paycheck, worrying about how to make your next payment even as the bills never seem to get any smaller – all of these issues can be a serious mental and emotional burden. When all seems lost, though, you may be able to get help from bankruptcy lawyers and file for bankruptcy protection.

When people hear the word “bankruptcy”, they often hear its negative connotations. However, this is not an accurate reflection of the reality of bankruptcy today, as bankruptcy laws are made to help people with debts to actually find a solution to their financial problems. If you have been considering filing for bankruptcy but still have the capacity to pay some of your debts, Chapter 13 bankruptcy might be the right choice for you.

A Chapter 13 bankruptcy claim is a financial solution where you can pay off your debts while securing your properties and assets. Under an agreed-upon payment plan, certain assets are safe from liquidation and you can get a clean slate after you have repaid all of the debts or loans.

There are certain benefits to filing a Chapter 13 bankruptcy that other bankruptcy claims don’t offer. One is that all of your debts will be combined into one payment for you to pay over a given period of time. Because of this agreed-upon payment plan, you get to keep your property and assets (provided you will not miss any payments during the course of the payment plan).

Another benefit is you only interact with and make payments to the bankruptcy trustee (appointed by the bankruptcy court), thus ending any harassment from your creditors. Also, there are some debts that can be discharged (such as fraud judgments), which are non-dischargeable under other bankruptcy claims.  Lastly, it takes less time to rebuild your credit once you have filed for a Chapter 13 bankruptcy claim.

A steady income is the key in getting a Chapter 13 bankruptcy claim. When you are already deep in debt and want to have a way out but prefer to pay for these debts without losing your assets, consulting reliable bankruptcy lawyers about the possibly of filing a Chapter 13 bankruptcy claim would be the smartest thing to do. Not only will you be protected from threatening creditors, you also get total control of your debts and payments.

3 Responses to “Chapter 13 Bankruptcy Claims”

  1. Visit more says:

    There are so many options when it comes to bankruptcy. I appreciate the information. I now have another option.

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