Those who can no longer manage their debts may want to consider filing for Chapter 13 Bankruptcy. Also referred to as a “wage earner’s plan”, chapter 13 bankruptcy is a solution that gives an individual the capacity to create a plan to pay back all or a portion of their debts.
This option has a lot of potential benefits, particularly as compared to liquidation.
Debtors may have their house protected from foreclosure during the process
Capability to consolidate all their debts into one and pay it all at once within a given time frame
Lesser impact on credit score
Debtors are given peace of mind from being harassed by their creditors
The Bankruptcy Code of the United States has listed certain requirements to be eligible for Chapter 13 Bankruptcy. If you are currently facing overwhelming debt and want to know if you qualify for Chapter 13 Bankruptcy in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC can help you. Learn more about your legal options today by calling (205) 324-4000.