Chapter 13 Bankruptcy
For people who have property they want to keep, filing a Chapter 13 bankruptcy may be the better choice.
A Chapter 13 bankruptcy is also known as a reorganization bankruptcy. Chapter 13 enables people to pay off their debts over a period of three to five years. For individuals who have consistent, predictable annual income, Chapter 13 offers a grace period. Any debts remaining at the end of the grace period are discharged.
One the bankruptcy is approved by the court, creditors must stop contacting the debtor. Bankrupt individuals may then continue working and paying off their debts over the coming years, and still keep their property and possessions.
It can be hard to admit you need help getting out of debt or that you cant do it alone. But that's why our government has bankruptcy laws to protect not only the creditors, but you!If you have a nerve-racking debt-load, it may be times to face financial facts. Perhaps you've been trying to ignore the ringing phone and the pile of unpaid bills that wont go away.
However, you could be doing yourself a disservice by not filing for bankruptcy. With a good lawyer and the right information, filing bankruptcy could give you the financial footing you need to get a fresh start. IN other words, throwing in the towel may just be the beginning you need.