Chapter 13 Bankruptcy

When your debts become too overwhelming, you may not know where to turn for help.  Fortunately, there is a way for you to resolve your financial situation, even if it feels like you will never find a solution.  Fortunately, filing for bankruptcy can provide you with the relief from overdue payments and overwhelming stress that you need to get a fresh financial start.

Chapter 13, or reorganization, bankruptcy is a way to restructure your debt repayment schedule into a more manageable, easily met plan.  Depending on your financial and personal life situation, Chapter 13 may be the right debt management process for you.

The Benefits of Reorganization

Chapter 13 is often called reorganization bankruptcy because it allows for the complete restructuring of your debt payment plan into one that can be paid off with your regular income.  Typically, the plan is lengthened to anywhere between 3 and 5 years, which results in the significant reduction of monthly payments.

Unsecured debts may be reduced in some cases, but all secured debts must be paid in full.
Advantages of Chapter 13 Bankruptcy

Chapter 13 bankruptcy offers up several advantages to filers:

  • Halting foreclosures
  • Stopping creditor harassment
  • Keeping your personal assets
  • Reducing or eliminating certain debts

Though bankruptcy may seem like a frightening prospect, it actually offers up a number of advantages to its filers.  The sooner you act, the quicker your debts will be resolved and the sooner you can begin rebuilding your credit.

Contact Us

If you are currently in over your head with debt, then you may want to consider filing for bankruptcy.  The Birmingham bankruptcy lawyers of [firm-name] can help you learn more about Chapter 13 and how it may be beneficial to you.  To learn more, contact us today by calling [phone-number].

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