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Chapter 13 bankruptcy may help those with steady income

Once you make the decision to file for bankruptcy, it may surprise you to learn that you have a few options. While many people file for Chapter 7 bankruptcy, some may find Chapter 13 bankruptcy more beneficial. Chapter 13 bankruptcy, unlike Chapter 7 bankruptcy where some debts are discharged completely, it is built around a repayment plan in which debts are ultimately paid off. Under some circumstances, it can provide greater protection of personal property than Chapter 7.

The general premise behind Chapter 13 bankruptcy is to give a debtor the chance to pay their debts over a three to five year period under a structured plan. This can help enable most creditors to get what is owed to them, while perhaps making a debtor’s bank account less likely snap under all the pressure. This is a large reason why Chapter 13 bankruptcy can, in some circumstances, be a helpful option for people who have a steady income, but have been put into financial turmoil by unexpected expenses, like costs deriving from a sudden death or injury in the family.

Perhaps the most alluring facet of Chapter 13 bankruptcy is that it can allow a person to keep their property, even if it is not exempt. Filing for Chapter 13 bankruptcy puts an automatic stay into effect that can prevent your house from being foreclosed on or your car or other objects from being repossessed. This protection combined with the plan to repay the debt over time may allow a person to avoid losing treasured objects in a bankruptcy.

You don’t have to be destitute to benefit from bankruptcy. If you have a steady income but are facing financial struggles and are wondering whether Chapter 13 bankruptcy may be right for you, going to a bankruptcy attorney for advice and guidance is something to consider.

Source: FindLaw, “Chapter 13 vs. Chapter 7 Bankruptcy,” Accessed Aug. 6, 2014

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