What is Chapter 13 Bankruptcy and can it help me?

Many people have high amounts of debt and feel as though they’ll never be able to climb out of the debt they’ve fallen into. For those who are struggling to pay their bills, filing for bankruptcy may be your best option. Before filing, it’s important to speak with a bankruptcy attorney and learn about the different options you may have. Chapter 13 bankruptcy is a form of bankruptcy for individuals looking to eliminate their unsecured debts. These debts can be medical expenses or credit card debt, and filing for chapter 13 bankruptcy can also help stop the foreclosure of your home. If you need to speak with an attorney about learning about the different options you have, call our team at The Law Offices of John E. Mufson. We’ll work with you to help you find the best option to lower and eliminate your debts.

How does Chapter 13 Bankruptcy work?

Before you think about filing for bankruptcy it’s important to learn about the differences between the types of bankruptcy available to you. Each person’s finances are different and filing for the right type of bankruptcy is important. Educating yourself about the different forms of bankruptcy will allow you to take the right steps and get back on track with your finances.

There are many different benefits to Chapter 13 bankruptcy. Chapter 13 bankruptcy will typically put you in a three to five year plan where you are put on a monthly payment plan instead of having to liquidate your assets like you would in Chapter 7 bankruptcy. Some of the benefits of chapter 13 bankruptcy include:

  • Threat of foreclosure will end
  • Repossession and collections will end
  • Creditors are forced to stop harassing you
  • Your credit rating will improve as you make monthly payments

If you’re facing foreclosure and unable to pay your bills, chapter 13 bankruptcy in Delray Beach may be an option for you. Don’t allow yourself to continue falling further and further into debt. Educate yourself about the different options you have when it comes to filing for bankruptcy and eliminating your debts. Call our team at The Law Offices of John E. Mufson today to talk with our attorneys about how filing for bankruptcy could help you improve your financial situation.