When people approach the process of filing for bankruptcy, they often have a lot of questions and they may have uncertainty regarding various facets of filing for bankruptcy and how this move will affect their life. Before moving forward with a bankruptcy petition, it is critical for people to ensure that they have selected the most suitable option and are aware of how this move will affect their life, financially and in other ways. In this post, we will take a look at some of the financial perks that may come with a Chapter 13 bankruptcy.
First of all, Chapter 13 can be highly beneficial because it can allow people to retain important assets while they repay creditors over a certain period of time. For example, those who are not eligible for Chapter 7 may still be able to clear their debts by creating a repayment plan that allows them to hold onto critical assets. By taking this route, many people have been able to hold onto their homes and discharge certain debts that are not paid in full, all while having an affordable payment plan in place. Moreover, people may be able to remove a second mortgage by filing for Chapter 13 bankruptcy.
These are just some of the reasons why Chapter 13 can be a smart move financially, and it can help out in many other ways as well. For example, people may be able to find relief from debt-related stress that has been bringing them down. Before you move forward with this process, make sure you have a thorough understanding of all your bankruptcy options.