Sometimes, debts can become overwhelming. If you are new to the concept of credit, or have just let your bills get out of hand, then you may find yourself facing a frightening financial situation that only worsens as the days pass. Fortunately, however, there is a method you can use to escape your monetary troubles. By filing for bankruptcy, you can rid yourself of your debts, stop foreclosures and repossessions, and regain control of your finances.
As a consumer, there are two main forms of bankruptcy that you can file: Chapter 7 and Chapter 13. The latter, Chapter 13 bankruptcy, is also known as reorganization bankruptcy because filers are allowed to restructure their debt repayment plans into longer arrangements with lower monthly payments. Chapter 13 is typically thought of as more readily available to debtors because filers do not need to pass a means test to be approved (like they do when filing Chapter 7).
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The Advantages of Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy poses a number of advantages for you, the filer. Unlike a Chapter 7 filing, Chapter 13 does not pose the threat of having your possessions taken away from you and sold. On top of that, your unsecured debts will likely be reduced in size, providing you with more manageably-sized debts. Finally, a Chapter 13 filing also offers the following benefits:
Preventing repossessions Halting creditor harassment Eliminating/reducing your credit card debt
As soon as you file for bankruptcy, all foreclosures, repossessions, and garnishments are immediately stopped. You are granted extra time - up to several years - to catch up with your payments. If you don't make your payments current by the end of this grace period, however, these processes will be reinstated.
You shouldn't let fear of recovering your credit score scare you away from filing for bankruptcy. This process is arguably the best method of resolving your debts and regaining a sound financial standing. With the help of an experienced bankruptcy attorney, you will have the compassionate legal guidance necessary to make the best decisions for you.
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If you are considering filing for bankruptcy, or if you would simply like to learn more about the process of filing Chapter 13 bankruptcy, then an experienced and personable attorney can help. Birmingham bankruptcy attorney Paula Greenway can provide you with the legal advice and support you need. TO learn more, visit http://www.greenwaylaw.com/ today.
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