This blog recently discussed chapter 13 bankruptcy as one option to help struggling homeowners facing foreclosure. Struggling consumers considering filing for personal bankruptcy protection may wonder what else Chapter 13 bankruptcy might be able to help with.
The answer is that Chapter 13 bankruptcy can help struggling consumers enjoy debt relief. It is a personal bankruptcy protection option that allows a filing party with a reliable source of income to repay their debts over time and enjoy debt relief. Chapter 13 bankruptcy allows the filing party to develop a repayment plan with the help of the bankruptcy court to repay their debts over a three to five-year period. Once the filing party has completed the repayment plan, they will enjoy a debt discharge and fresh financial start.
The Chapter 13 bankruptcy process can sometimes seem complex which is why trained guidance throughout the process can help. What is important for struggling consumers considering personal bankruptcy protection to understand is the personal bankruptcy options such as Chapter 13 bankruptcy are available to those who qualify and can offer an automatic stay to keep creditors at bay during the process, help with developing a repayment plan and ultimately lead to debt relief.
It is valuable for filing parties weighing their personal bankruptcy options to be familiar with how they may qualify for different types of personal bankruptcy, which can be based on income and different factors, and the resources available to them. Personal bankruptcy protections, including Chapter 13 bankruptcy, can be a much-needed lifeline for struggling consumers who should understand the process so they can decide the best option that works for them.