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What advantages does Chapter 13 bankruptcy offer?

When you come to the realization that you are in need of debt relief, you will find that filing for personal bankruptcy is a very viable option. But you want to make sure that you utilize the specific type of bankruptcy that best serves your needs.

There are two primary types of bankruptcy available for solving personal debt issues; Chapter 7 and Chapter 13. Each has their own set of advantages, but in this post we will be discussing Chapter 13.

One of the major pluses offered by Chapter 13 bankruptcy is the ability for you to create a payment plan allowing for the retention of nonexempt property. The payments are typically spread over a 36 to 60-month period and are made to an assigned trustee.

Filing for Chapter 13 bankruptcy can also allow you to take three to five years to pay overdue income taxes. Moreover, you may be granted the same period of time to cover past due child support, alimony or other domestic support obligations. And you may even be able to renegotiate payment terms on a car loan that is more than 30 months old.

These are just some of the benefits you can take advantage of when filing for Chapter 13 bankruptcy. But again, you need to understand what type of bankruptcy will work best for you. And for this reason, it is a good idea to consult with an experienced bankruptcy attorney prior to filing. The attorney can assess your situation and help you craft a debt relief planthat offers you the clearest path to financial solvency.

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