Roseville Bankruptcy: Chapter 13 Benefits

The great strength of a Chapter 13 bankruptcy is that it protects against foreclosure of your house or repossession of your car.  Chapter 13 gives you an automatic stay against creditors and their collection efforts.  An automatic stay forces creditors to stop collections and submit to the court plan and accept payments from the Trustee rather than from you.  Chapter 13 stays collection actions against both secured and unsecured debt and creates a 36-60 month repayment plan.  Spreading the delinquent payments out over time allows the debtor to make a realistic repayment plan.  Along with protecting your secured assets, Chapter 13 also helps you eliminate unsecured debt such as credit cards, medical bills, and payday loans.  After you emerge from a successful Chapter 13 reorganization, you will be debt free and own your home and car.

Chapter 13 also protects your assets from creditors.  Chapter 7’s protects assets only to the extent that they are protected by the state’s exemption statutes.  Conversely, Chapter 13 protects the equity in your home or car allowing you to keep the assets you have paid good money for while eliminating unmanageable debt.

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