Filing for bankruptcy can be a difficult decision to make and can add stress to your already stressful and debt-ridden life. When you are taking calls from your creditors and facing foreclosure on your mortgage because you are behind on the payments or repossession of your car or are bombarded with past due bills in your mailbox, bankruptcy may be the only option available to you.
In case you have decided to opt for filing bankruptcy, then Chapter 13 bankruptcy may be the choice that you want to opt for. In that case, chapter 13 bankruptcy information can be an invaluable asset that can help you set your course clearly.
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Why should you opt for chapter 13 bankruptcy? Most people prefer the chapter 13 option because of the two-fold benefits associated with it. On one hand, chapter 13 has an automatic stay built into the law that can protect your property and other assets from being claimed once bankruptcy has been filed. On the other hand, there is a repayment plan that can help you discharge your debts honorably, without losing your hard-earned property and assets in the process.
These two important pieces of chapter 13 bankruptcy information is why it is favored both creditors and debtors alike. The creditors would like to get back some of their money rather than be forced to waive the debts and debtors can choose a legally sanctioned timeframe to pay off their debts without losing their property.
The automatic stay associated with chapter 13 can prevent foreclosure and repossession proceedings, even as they are in progress and prevent further lawsuits and even prevent further contact from the creditors that include verbal and written communication. It also offers legal protection against wage garnishment once the bankruptcy proceedings have commenced with filing the petition. This important piece of chapter 13 bankruptcy information has made life easier for many debtors.
The repayment plan associated with chapter 13 allows freezing and restructuring of your existing debts. After filing chapter 13 bankruptcy, you have the option of having your bankruptcy attorney negotiate a reduction in your debt with your creditors through court appointed trustees by waiving charges and restructuring debts, and make your debts more manageable by planning repayment in a mutually agreeable timeframe.
There is no doubt that bankruptcy is an extremely difficult situation to face and overcome, but with the appropriate chapter 13 bankruptcy information, it can be managed successfully.
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