Who will benefit from filing Chapter 13?
Most people file Chapter 13 bankruptcy to save their homes. If the foreclosure proceedings are completed before filing the bankruptcy proposal the debtor can still lose his home.
- Those wanting to protect their assets from liquidation.
- Those wishing to pay off secured debts.
- Debtors unable to pay their monthly mortgage payments.
- If a property lien far outweighs the value of your collateral.
- If you are unable to discharge your debts by filing Chapter 7 bankruptcy.
- Income is more than the prescribed limit for a Chapter 7.
- Filing Chapter 13 will make you immune to any legal action initiated against you.
- You can remove your debt while retaining your personal property and real estate.
- The debt can be paid off through an easy repayment plan based on your income.
- You can be relieved from the intimidating calls from collection agencies and creditors.