The benefits available to you through Chapter 13 bankruptcy

On Behalf of | Aug 16, 2022 | Chapter 13

Making the decision to file for bankruptcy protection is a significant choice, likely preceded by financial struggles and unmanageable debt. If you are considering this step, you may feel that you have no other option by which you can regain control over your financial situation. Through bankruptcy, you may be able to find a way out, rid yourself of pressure from creditors and debt collectors, and emerge to move toward a better and stronger financial future.

One of the first steps of this process is determining which chapter of bankruptcy is right for you. For most consumers, the two common choices are Chapter 7 and Chapter 13. Chapter 13 bankruptcy is an ideal choice for Tennessee consumers with specific types of debt, including substantial amounts of secured debt. If it is the right choice for you, Chapter 13 bankruptcy can provide you with benefits and protection as you seek to address your debt problem once and for all.

Why should you consider Chapter 13?

Chapter 13 bankruptcy is the ideal choice in specific situations. This process may allow you to confront your debt problem while maintaining ownership of your important personal assets, and it could be the best choice if you are not eligible for Chapter 7. While under the protection of bankruptcy, you will enjoy relief from the efforts of creditors and debt collectors as they cannot contact you or try to collect payment after you file. Other reasons why you may want to consider Chapter 13 bankruptcy include:

  • The Chapter 13 bankruptcy process includes a plan that you will follow that allows you to pay off your debt in an organized manner over time.
  • You will get to keep your personal property during the Chapter 13 bankruptcy process.
  • You may be able to open new lines of credit sooner than you think after the bankruptcy process is complete.

Every financial situation is different, and you will be wise to carefully consider all of the options available to you before you make important decisions about your financial future. If you are wondering if Chapter 13 is right for you, it may help to first seek an assessment of your debts and other details of your case in order to determine how this bankruptcy option could provide you with the tools you need for a better and stronger financial future.