It does not make sense to file for Chapter 13 bankruptcy if you don't understand what this can do for your financial situation. Before you do anything, make sure you are familiar with the finer details of the process, including the benefits.
With Chapter 13 bankruptcy, you are required to pay back some or all of your debt over the course of three to five years. This gives you the chance to get your finances back in order, while also feeling that you did the right thing.
There are many other benefits of Chapter 13 bankruptcy, such as the ability to save your home from foreclosure. If you have slipped behind on payments or if your lender has started the foreclosure process, you don't have any time to delay. With an automatic stay in place, your lender is unable to do anything else for the time being. This gives you just enough time to figure out what is going on, hopefully taking steps that put you in position to remain in your home.
If Chapter 13 bankruptcy is an option you are considering, you must understand the pros and cons. Once you know the benefits, it will not be long before you are making a final decision as to whether or not it is the best idea.
Our attorneys know how Chapter 13 will impact your situation. They can also answer any questions related to the process. If you don't know what this can do for you, don't hesitate to read over the many pages of our website dedicated to the bankruptcy process.