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When is Chapter 13 the best bankruptcy option for you?

Many people in Georgia experience financial struggles from time to time, but there may come a time that finds you unable to take control of your current situation. From past due credit card bills to missed mortgage payments, you may not be able to keep up with your obligations, and you may face harassment from creditors. When faced with this situation, bankruptcy could be the most beneficial option for you. 

Making the choice to file for bankruptcy is not an easy one to make. If you are at this point, you are likely wondering if Chapter 7 or Chapter 13 is the optimal choice. This decision depends on your individual financial circumstances and the nature of the types of debt you owe. You may find it beneficial to carefully consider the benefits of Chapter 13 bankruptcy.

Why Chapter 13?

There are many reasons why it could be best to choose Chapter 13 over Chapter 7. This choice is often beneficial for people who owe a significant amount of money on their house and are foreclosing on it. Benefits of this particular chapter of consumer bankruptcy include the following:

  • Chapter 13 takes longer than Chapter 7 bankruptcy, but this could allow you more time to come up to date on your payments.
  • Chapter 13 bankruptcy will generally allow you to retain ownership of whatever property on which you are making payments.
  • While filing for bankruptcy will certainly have an impact on your credit, it may be easier to rebuild and move on to a stronger financial future than you imagined.

Your financial situation is unique, and there are many factors that could determine the optimal choice for your individual situation. Before you make any important decisions that will have an impact on your financial future, it could be prudent to seek a complete evaluation of your case and an explanation of bankruptcy options.

A better future

Chapter 13 bankruptcy allows for the restructuring of your debt, leaving you with a manageable amount that you will pay off while under protection of bankruptcy, typically a period of three to five years. Upon filing for bankruptcy, you will enjoy a reprieve from creditor harassment, and wage garnishment, foreclosure proceedings and other collections efforts will halt as well.

You deserve to know your options, and you have the right and the opportunity for a stronger financial future. It is possible that Chapter 13 bankruptcy offers you the opportunity to secure that future.