The decision to file for bankruptcy is not an easy choice to make. While many are hesitant to take this step, there are actually many benefits to choosing this method to deal with your debt. Depending on the nature of your debt, your income and other factors, Chapter 13 bankruptcy could be the ideal choice for you.
Chapter 13 may be the best decision for your unique situation if you are dealing with threats of foreclosure, earn a certain amount of income or do not qualify for Chapter 7 bankruptcy for any reason. Georgia consumers may find it beneficial to consider all of the benefits of this choice, as well as what to expect from the process.
The benefits to this specific choice
There are a few different options for consumers who are facing insurmountable amounts of debt. Filing for bankruptcy is not the best choice for everyone, but if you are being hounded by debt collectors and have no hope of catching up on your own, it could be the right choice for you. Some of the benefits of choosing Chapter 13 bankruptcy include the following:
- Chapter 13 takes more time than Chapter 7 bankruptcy to complete, but it allows you to have more time to make payments and meet the terms of your bankruptcy plan.
- Filing for bankruptcy will enact the automatic stay, which will halt creditor efforts to collect debts. This includes wage garnishment, foreclosure and even making phone calls to you.
- Chapter 13 bankruptcy can offer you an opportunity to confront your debt once and for all, giving you the opportunity to have a secure and prosperous future.
Bankruptcy offers individuals like you the opportunity to deal with their debt in an organized manner. While you have the protection of the automatic stay after filing for Chapter 13, you will be able to make payments without debt collectors calling you at all hours and adding additional stress.
Guidance for making an important decision
If you believe filing for either chapter of bankruptcy is the right option for you, you will find it beneficial to seek a complete evaluation of your case. This can help you fully understand both the benefits and implications of taking this important step.
Before you file for Chapter 13 or make any important decisions that will affect your financial future for years to come, you will find it beneficial to thoughtfully consider all of the options available to you.