Benefits of a Chapter 13 Bankruptcy
A Chapter 13 differs from a Chapter 7 in that it does not entirely eliminate the debts addressed as well as the types of debt covered. It does, however, provide real a real solution for regaining control of your finances and allows certain options regarding your assets which Chapter 7 may not. With a Chapter 13, a payment plan is devised by which you pay your creditors a portion of the amount owing. This percentage is based on a thorough analysis of your financial situation and your ability to pay. These payments are usually spread out over a period of three to five years and upon completion, the remainder of your debt is discharged. Most people only pay a percentage of the outstanding debt they have by the time the process is complete. The payments are made in one affordable payment every month.
A Chapter 13 may be a viable alternative if you do not qualify for a Chapter 7. If you have a large amount of debt which would not be covered by a Chapter 7 it may be the best option for you in any case. You may own to many assets or wish to avoid liquidation of property or other issue that could make this the best option for you. Consult with an attorney regarding how a Chapter 13 would assist you and for help throughout the process should you choose to pursue this option.
Legal Help with a Chapter 13
For dedicated assistance tailored to your personal needs, consult with the attorneys at Dodge & Vega, PLC. Formed in 2008, our team has a combined experience of more than 35 years and our clients include individuals, families and business both large and small. Ben Dodge is a member of the National Association of Consumer Bankruptcy Attorneys (NACBA) and the American Bankruptcy Institute. He and our entire team are standing by to help you.