Benefits of Chapter 13 Bankruptcy

Most people feel that bankruptcy is an ugly word and the act of following through with the service is even worse. It is a hard decision to make when you need to file for bankruptcy protection, but one that may benefit you more than you realize when the struggle is fierce. There are a couple of types of bankruptcy that a person can file to protect them. One of the types is chapter 13 weymouth.

There are ample benefits enjoyed by those who file for protection under the Chapter 13 bankruptcy relief program. Candidates who are eligible for the protection are people who have a regular source of income and who want to get back on the right financial path of freedom. Some of the benefits offered to Chapter 13 participants include:

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·    Once you complete a Chapter 13 bankruptcy plan, creditors may no longer contact you or request a payment in full.

·    You’ll get out of debt much sooner and have a greater peace of mind than you otherwise would have.

·    You will avoid foreclosure of the home and repossession of vehicle. Many people file Chapter 13 for these specific reasons.

·    Chapter 13 stays on a credit report for a period of up to 7 years while Chapter 7 bankruptcy may remain on the report for up to 10-years.

You shouldn’t attempt to file bankruptcy alone. There are many steps that you must take to file for the protection in a court of law. The filing is not approved until a judge agrees and signs an order to put it into effect. People who file for Chapter 13 bankruptcy protection are required to take a credit counseling course prior to appearing in court. A lawyer is there to make the process of filing for bankruptcy a little bit easier.

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