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Chapter 13 may be best debt repayment plan for you

On Behalf of | Nov 6, 2015 | Chapter 13 Bankruptcy, Firm News

Not every tough financial time requires extremely drastic measures. Some financial difficulties may be temporary and may be helped through filing for Chapter 13 bankruptcy. Before discounting bankruptcy altogether, learn how Chapter 13 bankruptcy can work as an effective debt repayment plan for struggling Florida families.

One benefit of Chapter 13 bankruptcy is that you can keep assets. While other types require a type of liquidation, you can keep your home and make economic progress at the same time. This type of bankruptcy is essentially rooted in the promise to repay that back debt over a period of time and you can keep the assets while you do it.

The agreement to repay debts can result in a dismissal of late fees and higher interest rates that made it impossible to stay afloat to begin with. The time given to repay the debts can help those who have been unemployed or buried in medical bills. Some of that mounting debt that made it impossible to stay ahead may even be discharged, such as some tax debts.

A debt repayment plan under Chapter 13 bankruptcy can give Florida residents breathing room. Because a time line is set, it can also give these residents a light at the end of the tunnel. A fair amount of what can reasonably be paid back will be set and the debtor can begin to regain financial footing without the stigma of losing beloved assets. For those who think their temporary situation can be helped and that a debt repayment plan may be the best way to regain financial control, our website has more information about the specifics of bankruptcy and Chapter 13 bankruptcy in particular.

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