You’ve heard that Chapter 13 bankruptcy offers serious financial benefits, and you’re thinking of using those boons to regain your independence? That’s great, and yes, this bankruptcy is an excellent way to resolve your financial troubles. Of course, you should also ask around San Diego, CA, and find reputable Chapter 13 bankruptcy lawyers to help you reap all the advantages of this type of bankruptcy. But don’t you want to learn what they are first?
What are the benefits of filing Chapter 13?
You keep reading people praising Chapter 13 of the United States Bankruptcy Code, telling you all about how it helped them get back up after the pounding debt gave them. However, you still don’t know how, and you’re unsure about what advantages you can expect if you opt for Chapter 13 as your bankruptcy of choice. Don’t worry – we’re here to shed some light!
No foreclosure for you
This is the big one – completely avoiding foreclosure. Once you file Chapter 13, you receive the automatic stay, which means debtors stop harassing you, and you stop all foreclosure proceedings against your home.
You can even start curing delinquent mortgages with this bankruptcy. That means you get a chance to make up for any mortgage payments you might have missed and repay your home through a manageable reorganization plan. And that’s great because keeping your house is the most important thing to you.
You’ll get a single payment you can afford
Talking about reorganization plans – Chapter 13 is the way to go. You can forget having to pay off multiple creditors with individual payments forever and ever. A Chapter 13 financial reorganization plan gathers all the debt you have repay and put them into a single monthly installment payment. You may even find that you Even better, you can negotiate the installment in order to be able to keep paying it off without severely impacting your quality of life.
It’s less money upfront
One of the unforeseen, unfortunate, and downright unrealistic problems of bankruptcy is the costs associated with actually filing it. Who would have thought that trying to find a way out of your financial problems would mean you have to find additional money just to file for bankruptcy.
Well, it’s true, and this can really be a serious issue. Fortunately, Chapter 13 bankruptcy has lower upfront costs when compared to other common types of bankruptcy, which means you don’t have to worry about filing. Talk about relief.
2nd mortgage discharge is a possibility
You have the possibility to completely discharge the second mortgage on your home during Chapter 13. If you owe more money than your home is worth, you’ll avoid your second mortgage, and you’ll also never have to pay it again if you successfully refinance your Chapter 13 reorganization plan. Did you ever think you’d be able to get rid of one of your mortgages? You better believe it!
There’s plenty of debt you can discharge
There’s certain debt you can discharge through Chapter 13 you wouldn’t be able to with any other type of bankruptcy. For example, you can discharge property settlements and a portion of money you owe from your divorce.
You’ll finally have freedom and peace of mind
Lastly, you’ll be able to sleep peacefully again knowing your finances are going to be alright. You won’t have to worry about creditors harassing you, paying off your individual debt, and waiting for the other shoe to drop. You will make your first step towards certain financial freedom and you’ll never look back.
Who are San Diego’s most qualified Chapter 13 bankruptcy lawyers?
Being familiar with all the benefits of Chapter 13 is great, as you’ll start getting a clear picture of some of the most important details of this type of bankruptcy. However, that’s just the beginning of learning how Chapter 13 will change your life for the better and how it will help you get back on your feet in no time. Also, explore how you can ensure your Chapter 13 process is absolutely stress-free for maximum convenience. Small tip – hire a lawyer!
But which lawyer? That’s the easy part – Bankruptcy Law Offices of Mark L. Miller. We’re here to ensure your bankruptcy is successful and that you’re able to rest beside the Cabrillo National Monument without any worries. Our team of expert attorneys has the qualifications and the knowledge to handle every aspect of your bankruptcy case. Also, they’re pleasant to be around, making the entire process all the better for it. Give us a call today!