Sacramento Bankruptcy: What are the Benefits of a Chapter 13 Bankruptcy?

Most importantly, Chapter 13 allows you to avoid home foreclosure or car repossession.  A Chapter 13 filing protects debtors and stops collection activities from both secured and unsecured creditors.  Debts are consolidated into repayment plans which range in duration from 36 to 60 months.  These repayment plans pay back all delinquent debts at the time of your filing.  Your plan will spread out your repayment, preventing you from having to repay debts which may come due immediately.  Chapter 13 doesn’t just protect home and car loans.  Instead, you can also use it to consolidate and eliminate most unsecured debts.  Successfully completing the repayment plan means that you will own your car, home, and be debt free.

Chapter 13 has the important benefit of entirely protecting all your valuables and assets from creditors.  Though Chapter 7 offers some protections through legal “exemptions,” Chapter 13 is the only way to protect all your assets from seizure.  Finally, Chapter 13 gives additional benefits if you already own your home or car outright, by allowing you to discharge or eliminate some of your debts and keep all your assets.

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