Chapter 13 bankruptcy is a type of bankruptcy that allows a person to pay off their debts over a period of three to five years. It is a court approved procedure that is set up by a trustee and the debtor. There are many reasons why a person may wish to file a Chapter 13 bankruptcy, some of which we’ve outlined below.
Protection From Creditors
Once you file a chapter 13 bankruptcy, you get protection against your creditors. There is an automatic stay that stops creditors from making further contact with you and it also stops vehicle repossession and home foreclosures, as well as a mound of other types of debt. You gain peace of mind once you get this protection and can sleep better at night as a result.
Easier Than Chapter 7
Chapter 13 bankruptcy is easier to file than Chapter 7 for most people. Chapter 7 allows a person to discharge all of their debts and start over with a fresh slate. However, there are more qualifications that may not allow a person to use this protein.
Get Back Your Credit
Far too many people do not realize the importance of their credit until it is too late. Once you file Chapter 13, it provides a chance to get back to the right path and put your finances in order the way they should be.
The Bottom Line
No matter what you wish to file chapter 13, it is necessary that you speak to a chapter 13 lawyer orlando fl. Lawyers ensure that you complete the steps of bankruptcy correctly and that you get the breast results at the end of the day. Going to court to handle this matter without an attorney is far too risky for you to chance.