Redwood City Bankruptcy: Chapter 13 Benefits

The best thing about filing a Chapter 13 bankruptcy is that it prevents foreclosure of a house or car repossession and allows the debtor to stay collection action by both secured and unsecured creditors by creating a repayment plan. Most repayment plans range from 36 to 60 months to pay back to creditors the outstanding delinquency during the time a person files for Chapter 13. The plan also lets the debtor disperse his payments to get caught up on the property over time and prevents him from having to come up with all the money immediately. In addition, a Chapter 13 Bankruptcy also helps get rid of most unsecured debt. Completing a Chapter 13 Bankruptcy repayment plan lets the debtor come out debt free. Another benefit of a Chapter 13 Bankruptcy is providing a 100% protection of valuable assets from seizure by creditors.

It can also yield a “lienstrip” on a second or third mortgage, which could deem unsecure any lien on a home placed by a lender, provided that lien has zero equity. This “lienstrip” treats the second or third mortgage like a credit card or medical debt, which could get discharged by the end of the repayment plan.

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