Understanding Chapter 13 Bankruptcy

By | May 3, 2018

Bankruptcy has gotten a bad rep over the years and while it is easy to understand why, people should understand that it is sometimes beneficial, too. Sure, filing bankruptcy is a life changing event and never a step that you want to take in life, but when other options lead to a road of nowhere, it is time to make a change. Bankruptcy provides the fresh start that is needed to succeed.

Bankruptcy: What are the Options?

Chapter 13 bankruptcy west palm beach

Several types of bankruptcy are available for an individual to file to help them out of a financial situation. Chapter 13 is one of the types. Chapter 13 bankruptcy west palm beach allows an individual with income the opportunity to develop a payment plan that allows them to repay the debts owed according to a budget that meets their needs. The debts are paid off within a three to five-year time period, after which time the individuals should be ready to come off the plan.

Why File Chapter 13?

Chapter 13 is oftentimes used to stop a foreclosure or a repossession of a vehicle and certainly provides the opportunity to get back on the right financial track. It is best to hire a bankruptcy attorney to assist with the process of filing, however. Bankruptcy is quite complex and many steps must be completed before you can file. An attorney understands the legalities of bankruptcy and eases the process of filing tremendously.

Talk to an Attorney

Attorneys offer free consultations that help you learn more about Chapter 13 and what a filing could mean for you. If you are drowning in debt, concerned about a repossession or a foreclosure, or ready to get right on the financial road to freedom, scheduling this consultation may be one of the best steps you ever take for your life.