Filing for bankruptcy can be quite a complicated process. If you don’t know what type of petition you should be filing, it can be that much more confusing. While Chapter 7 bankruptcy does have its benefits, it’s important to realize that Chapter 13 bankruptcy can also be beneficial to consumers. For those who are still on the fence about filing a Chapter 13 petition, check out the following advantages that it can provide: Browse website for more information.
1. If you’re considering bankruptcy, it’s probably because you’ve found yourself drowning in debt. If you haven’t been financially responsible or you hit a rough patch with your finances, it may be the case that you simply don’t have enough money to pay all of your bills. In cases like these, filing for Chapter 13 St. Louis can be quite valuable. Although you’ll have to come up with a plan to repay your creditors, you can rest assured that your current budget will be taken into consideration and that your consolidated monthly payment will be one that you can truly afford.
2. Those who have taken out second (and even third) mortgages on their home can attest to the fact that paying that money back can sometimes be overwhelming. If you are only able to afford the payments on your first mortgage, a bankruptcy attorney can help you determine whether you qualify for lien stripping. This means that if the value of your home turns out to be less than (or equal to) what you owe on your first mortgage, your additional mortgages may be discharged at the close of your bankruptcy case.
3. People considering Chapter 13 St. Louis are often worried about what happens if they cannot afford to pay off all of their debt within the specified time frame (often three to five years). The good news is that much of the debt that you are not able to repay in that period of time will be discharged at the end of your case. Once your repayment period comes to a close, you won’t have to worry about excessive debt coming back to haunt you.
If you have questions about the bankruptcy process, don’t jeopardize your case by failing to get answers. Call the Law Offices of Steven K. Brown to find out if a Chapter 13 bankruptcy petition could be the solution you’ve been waiting for that will create the financial freedom you’ve always wanted.
