Once you have decided that bankruptcy is your best chance of overcoming your debt, you still have another decision to make. You will have to choose which form of bankruptcy best meets your needs. This decision may be difficult unless you are already well-informed about the different options available in Alabama. The two most common forms to choose from include Chapter 7 and Chapter 13 bankruptcy.
First, we want you to understand that you do not have to make these important financial decisions on your own. Many people find it helpful to work with an attorney when filing. This is beneficial because it provides you with current and comprehensive information about each type of bankruptcy. In this blog post, we hope to give you a helping hand with your decision by discussing the benefits of Chapter 13 bankruptcy. We will tackle the benefits of Chapter 7 in a separate post.
- Chapter 13 gives you flexibility in how you manage your payments while allowing you to keep some of your property.
- Choosing Chapter 13 puts an immediate stop to the often-aggressive collection attempts from your creditors.
- You can file a Chapter 13 bankruptcy repeatedly, which means that if a disaster strikes and places you back in debt, you may file again.
- Under Chapter 13 bankruptcy, you do not have to lose your property as long as you make your payments according to schedule.
- This form of bankruptcy enables you to avoid losing your family’s home.
The information we have discussed here is just to inform you about some of the most attractive benefits of a Chapter 13 bankruptcy. Your legal counsel can give you many additional facts about all forms of bankruptcy while helping you choose what is right for your family. You can also learn more by continuing to explore our website.