Bankruptcy is a scary word, but it can be a helpful and viable options for anyone who is not in a financially solvent position. If you are in a bind and have creditors looming over you to collect what you owe them, you should consider consulting experts in personal bankruptcy law in Plano TX to learn more about Chapter 13 bankruptcy. There are several benefits to filing for Chapter 13, and here are a few of the ways doing so can help you to get back on your feet:
- Delay Home Foreclosure
One of the worst things that can happen to you when you are undergoing severe financial difficulties is losing your home. Not only is it a traumatic experience, but it is a black mark on your financial record. When you are facing a foreclosure, Chapter 13, as well as the help of a personal bankruptcy attorney in Plano TX, can stop a trustee from selling your home to settle your debt.
- Repayment Plans
One of the benefits of Chapter 13 bankruptcy is the time and space you are allowed during which you can reorganize your finances. Under the law, creditors are not allowed to pursue any action against you or contact you in anyway. This allows you some space to figure out how you will able to repay your debts. Another benefit of Chapter 13 is that you will be able to set up repayment plans that will allow you to manage your finances more effectively.
- Keep Some Property
When you are heavily in debt, you can never be sure which assets are available to be liquidated. However, when you file for Chapter 13 bankruptcy, you might be able to hold on to some of your assets. These can include valuable jewelry or property. If you file for Chapter 13 bankruptcy, some of these assets will not be liable for liquidation. Be sure to ask your personal bankruptcy lawyer in Plano TX.
When you are in a bad financial position, you should be prepared to take whatever measures are available to get yourself and your family back on steady ground. When you need solutions, you should contact experts in personal bankruptcy in Plano TX in order to know whether you are eligible for Chapter 13 bankruptcy. Taking such an option might sound drastic, but it might be the solution you need. Call Collins and Arnove bankruptcy attorneys and counselors for advice today at (972) 516-4255.
Collins & Arnove | Personal bankruptcy Plano TX | 972-516-4255