Benefits of Chapter 13 Bankruptcy
There are many instances when an individual in serious debt may not require Chapter 7 bankruptcy, or liquidation bankruptcy, and can instead repay his or her debts over time in small increments. For people who simply need assistance in repaying debts over time, Chapter 13 bankruptcy may be the best option available. By filing for Chapter 13 bankruptcy, a person can create a repayment plan to pay off creditors over a three- or five-year period with lump payments rather than multiple payments to many different parties.
If you or someone you know is currently having financial difficulty, you should consider filing for Chapter 13 bankruptcy to start forming your repayment plan. To learn more about your options for getting out of debt, contact a Cedar Rapids Chapter 13 bankruptcy lawyer of Hong Law, PLC, today at (319) 294-5853 to discuss the many benefits of Chapter 13 bankruptcy with a qualified legal professional.
How Chapter 13 Bankruptcy Can Help You
If you are having trouble making your monthly bill payments, you should consider pursuing Chapter 13 bankruptcy as an option. Some benefits of Chapter 13 bankruptcy include the following:
- Development of a repayment plan customized to your needs
- Retaining of your assets, unlike Chapter 7 bankruptcy where debtors may have to sell property to pay off creditors
- Less impact on your credit score
- An automatic stay, which stops all collection actions against you such as phone calls and letters
If you are struggling with debt yet do not require Chapter 7 bankruptcy, Chapter 13 may provide the benefits you need.
Bankruptcy can be difficult as well as confusing, but there is help. To learn more about the benefits of Chapter 13 bankruptcy, contact a Cedar Rapids Chapter 13 bankruptcy attorney of Hong Law, PLC, today at (319) 294-5853.
Coralville, IA 52241
Phone: (319) 354-1804
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