Benefits of Chapter 13 Bankruptcy
Millions of Americans have debt of some form. Unfortunately, it is all too easy for things to slip out of control to the point where you can no longer effectively pay these debts, whether it’s a mortgage, car payments, credit card debts, loans, and other payments you owe money for. However, you may be able to utilize bankruptcy to start working towards financial relief and solvency. Chapter 13 bankruptcy is a common option for debtors when they are not eligible for Chapter 7 bankruptcy, but need help managing their debt.
At the Russell Van Beustring P.C., our legal team is dedicated to helping debtors who wish to get out from under the burden of their debt use Chapter 13 bankruptcy to their benefit. To learn more about how an experienced Katy Chapter 13 bankruptcy attorney may be able to help you take advantage of the benefits of Chapter 13 bankruptcy, call us today at 713-973-6650.
Advantages of Filing
Chapter 13 bankruptcy is a process which consolidates all of your debts into one simple payment, managed by a court representative, and is paid out to your creditors in accordance with the payment plan approved by the court. Chapter 13 benefits include:
- You are not required to forfeit any of your property as long as you make payments
- Even if you are behind on your mortgage or car payment, you can make up these payments in your repayment plan and retain the property
- Your debts will be consolidated and stretched out over time
- Creditors can no longer come to you for repayment
- Any co-debtors will also be protected from collections attempts
Through Chapter 13 bankruptcy, you can slowly repay your debts in a way that is affordable for you and your family.
If you have become overwhelmed by your debts and are unable to make consistent payments, but have a steady income, Chapter 13 bankruptcy may be the best way to get your debt under control. To learn more about how Chapter 13 benefits and how an experienced Katy Chapter 13 bankruptcy lawyer may be able to help, call the Russell Van Beustring P.C. today at 713-973-6650.