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The benefits of Chapter 13 bankruptcy

If you have considered or are considering bankruptcy, you have likely run into mention of Chapter 7 bankruptcy and Chapter 13 bankruptcy, and you may find yourself wondering which is right for you. The difference between the two can be fairly easily explained, but even knowing what each filing does may still not help you determine which filing you should choose. Instead, it is perhaps better to simply outline the advantages of Chapter 13 bankruptcy.

A Chapter 13 bankruptcy filing comes with many benefits, including the ability to stop foreclosure on a house. Crucially, you will still have to meet mortgage payments under a Chapter 13 filing, but bankruptcy may give you the extra time and planning you need to keep your home in the long run. This is just one of the advantages of Chapter 13 bankruptcy, however. This bankruptcy filing also allows you to repay your debts based on a plan.

If you are struggling with debt, you undoubtedly know the awful feeling of waiting for your paycheck just so that you can barely scrape by with the minimum payment on your debts' deadlines. A Chapter 13 bankruptcy filing allows you to assess your debts and your income and create a repayment plan to pay off your debts over the next few years.

Of course the best way to know which bankruptcy filing is right for you, especially considering your state's specific laws, is to meet with a bankruptcy attorney familiar with your state. Texas residents can meet with a Texas bankruptcy attorney and discuss their circumstances to determine which filing is for them. If you have a steady income and you believe you could pay off your debts given time, feel free to mention Chapter 13 bankruptcy to your attorney.

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