Benefits of an Extended Repayment Period
In some forms of bankruptcy, debtors can extend their repayment periods, giving them more time than originally allotted to pay back their debts to creditors. Generally, this is an option offered in debt settlement cases or in Chapter 13 bankruptcy. For many reasons, the option of debt repayment provides debtors who have large sums of debt a variety of benefits.
Several Benefits of Extended a Debt Repayment
Some repayment period extensions allow for months or even years of extension for debtors. When you have more time to pay back debts, you can enjoy several key benefits. Some of the benefits that might a debtor may obtain when they are given an extended repayment period include:
- Not having to put all of your funds or property towards repayment at one time
- Allowing you to maintain your income and normal lifestyle
- Giving you a structured financial plan, so you can adjust for your future finances as well
- Having a clear, regular budgeted amount of funds allotted for debt repayment each month
- Less emotional shock than having to make a lump sum repayment all at once
Through these benefits, many people with substantial amounts of debt have made the decision to turn to bankruptcy or debt settlement in order to get on a debt repayment plan.
Contact a Bankruptcy Attorney in Houston
If you want to take charge of your finances and pay creditors back, but need more time to do so, the attorneys at the Russell Van Beustring P.C. can help you work on extending your repayment period. Contact us today by calling 713-973-6650 to learn how we can help you get back on a healthy financial path.