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chapter 13 bankruptcy Archives

Avoiding bad credit in bankruptcy

Filing for bankruptcy is often seen as a last resort, mainly because of the consequences many see it as having. Many people believe that going through a bankruptcy will result in you losing your home, car, other important possessions and being left with a terrible credit report. However, this is not true. The key lies in choosing the type of bankruptcy that is right for your particular situation.

Can Chapter 13 bankruptcy payments be lowered?

When filing for Chapter 13 bankruptcy, you will have already had some financial trouble in repaying creditors. The purpose of Chapter 13 is to help people repay their debts in a way that they can afford, and to stop the harassment from creditors. It is already a great deal of work to create and submit the original paperwork, and the judge will only sign off a filing if he or she believes that it is realistic to pay off.

What are the benefits of a Chapter 13 Bankruptcy?

The main component of a Chapter 13 Bankruptcy is that it forms a scheme for the individual to be able to feasibly repay all or part of his or her debts. It is ideal for those with a regular income, and is a way for an individual to avoid liquidating all of his or her assets.

Know what is necessary to file Chapter 13 bankruptcy

Coming to the realization that your debts are more than you can handle is a rough place to be. Once you know what options you have to deal with these debts, you will have to decide what to do. One of the choices you have is Chapter 13 bankruptcy.

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