Carlsbad Bankruptcy: Ch. 13 Benefits

The primary benefit of a Chapter 13 bankruptcy is to prevent foreclosure of your house or repossession of your car. By creating a repayment plan, a Chapter 13 bankruptcy allows debtors to avoid collection actions by both secured and unsecured creditors. The duration of the repayment plan varies from 36 to 60 months start from the time you file your Chapter 13 bankruptcy. The repayment plan spreads out the payments and prevents debtors from having to pay all the money at one time. At the same time, Chapter 13 can also help eliminate most of your unsecured debts. After the completion of a Chapter 13 bankruptcy repayment plan, you will be debt free and current on your house and car.

One other major benefits of Chapter 13 are to protect your valuable assets from being seized by your creditor 100%. Although a Chapter 7 bankruptcy can provide some protection to your assets through state created “exemptions,” not all of your properties will be completely shield from seizure. If you own a house or a car that has been paid in full or has significant equity, a Chapter 13 bankruptcy will allow you to obtain the benefits of the discharge, to eliminate some of your debts, and to allow you to keep your hard-earned assets.

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