Filing for bankruptcy might seem like you are giving up on your finances, but this legal process could be exactly what you need to get back on your feet. When carried out correctly, bankruptcy can wipe out an individual’s debt and give them a chance to rebuild from the ground up. Here is a closer look at just a few of the benefits of Chapter 13 bankruptcy.
Stop Debt Collection Agencies From Contacting You
You will most likely be contacted by multiple debt collection agencies as soon as you fall behind on your bills, and those calls and letters can make your life extremely stressful. Within a few weeks of hiring a Chapter 13 lawyer Orlando FL, all debt collectors must put an end to the threatening letters and phone calls. If those agencies continue to contact you, then they could be fined huge sums of money.
Establish a Custom Repayment Plan
Another reason why many people decide to file for Chapter 13 bankruptcy is because debtors can establish their own repayment plans. Instead of the court telling you exactly how much you have to pay every month, you and your attorney can create a plan that is both fair and manageable. Once you have that plan, you can submit it to the court for approval.
Keep Your Assets
Unlike many other forms of bankruptcy, Chapter 13 doesn’t require debtors to sell off their assets. That includes major assets such as your vehicles, home, furniture, and jewelry. All of your property is going to be safe and secure as long as you adhere to the repayment plan. Chapter 13 tends to be a great option for those who have more of their wealth tied up in larger assets.
If you have recently decided to file for bankruptcy, then you need to contact an attorney to explore all of your legal options. This process can be extremely beneficial as long as you follow the proper protocol.