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The benefits of a Chapter 13 bankruptcy

When you look at your bank account, does it make you cringe? Do you wonder if you'll have money left over after you get paid? It's tiring to live paycheck to paycheck.

Fortunately, there are various solutions to that problem.One of the things that might work in your case is a Chapter 13 bankruptcy. Since you still work and have the ability to pay down at least some of the debts you owe, this kind of bankruptcy can help you stop treading water and begin to make a serious change in your finances.

What is a Chapter 13 bankruptcy?

A Chapter 13 bankruptcy is not a liquidation bankruptcy. It is a reorganization bankruptcy. That means that you don't have to worry about selling off any of your property. Instead, you'll work out a structured payment plan that you'll submit to the court. This plan shows how you'll use your income to pay down the debts you owe. Most plans are finalized within three to five years.

Why choose a Chapter 13 bankruptcy?

The main benefit is that you don't have to liquidate any of your assets. You don't have to sell your home or worry about selling off antiques or heirlooms. If you make a substantial amount of money, you may not qualify for Chapter 7 bankruptcy, so Chapter 13 is an alternative that could be right for you.

What happens if you want to apply for Chapter 13 bankruptcy?

You'll need to go through credit counseling first. Then, you'll have to pay a fee to file. After that, you'll need to work out a repayment plan. Usually, a bankruptcy attorney walks you through your debts and income to determine a fair plan with a three-to-five year date of resolution. Once you pay off everything according to the plan's requirements, any additional unsecured debts are dismissed.

Chapter 13 bankruptcies work well for those above the Chapter 7 income limits. This could be an opportunity to get your finances back in order.

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