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You don't have to lose assets in a Chapter 13 bankruptcy

Debtors who can benefit immensely from filing for bankruptcy protection often wait much longer than they should to take advantage of this legal tool. One reason may be that they fear losing all their assets in the process.

It's true that in a typical Chapter 7 bankruptcy there is asset seizure. Any nonexempt property is subject to seizure and sale to satisfy creditors' demands. But you can still avail yourself of the protections offered under a bankruptcy filing without worrying about an asset seizure if you file for bankruptcy under Chapter 13.

Because this is a debt reorganization that takes place over three to five years instead of a completely clean slate in a few months, the court gives you time to make payments and avoid an asset seizure. You will have to adhere to the payment schedule and other terms set by the court and overseen by the bankruptcy trustee during this period.

If you fail to do that, the court could toss out your case and then you will once again be at the mercy of your unpaid creditors.

But if you comply with all terms, at the end of the three- or five-year period, the remaining debts are discharged, and you still retain your assets. For many debtors, this is by far the preferable way to resolve an untenable financial situation.

Are you at the end of your rope with unpaid bills? Don't stress another day over your dismal financial picture. We can help you find a sure path to fiscal freedom after filing for bankruptcy using Chapter 13.

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