Grim economic conditions lead to inability of a person to pay off his debts and that is when he looks for a suitable debt relief option. Bankruptcy is a legal procedure of relieving debts. It is guided by federal law and usually indicates a situation when a debtor is unable to repay his debts in any possible way.
Bankruptcy is a way to distribute the total non-exempt assets within the creditors as equitably as possible. Of the two most popular bankruptcy options available, one is the chapter 13 bankruptcy.
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Chapter 13 bankruptcy is considered as the best option for those who want to repay their debts but by eliminating the efforts of debt collection from creditors. This option gives a chance to an individual to restore his financial strength and allows a variety of repayment options, if a debtor is eligible for applying under this code.
Chapter 13 option under the bankruptcy code involves restructuring of debts that allows a debtor to repay his debts with whatever income source he has. It is applicable for people who have a proper income and are in a position to apply for adjustments.
After filing chapter 13 bankruptcy, a debtor is required to decide on a repayment plan within 15 days. He needs to attend all the important creditor meetings that follow after that. As and when the court approves your repayment option, the bankruptcy process will start.
Let us look at the main advantages of a chapter 13 bankruptcy.
Court protection - Once a debtor has lodged a chapter 13 bankruptcy, he will be granted protection by the court from the debt collection agencies and the creditors. That means it is illegal to contact a debtor after he has been granted the chapter 13 petition.
Free from debts - This bankruptcy option clears most form of unsecured debt. However, secured debts cannot be shaken off unless there is a repossession deficiency.
Debt restructuring - This option allows restructuring of debts. This pacifies a debtor who has been struggling with his financial problems since a very long time.
Elimination of foreclosure - A major benefit of chapter 13 bankruptcy is that it eliminates the chances of a foreclosure. A proper repayment plan can be implemented to clear any arrears.
Are you down with mounting debts and thinking of filing a chapter 13 bankruptcy? Riverside dwellers can hire expert and professional attorneys at Miller and Associates, PC.
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