Benefits of Chapter 13 Bankruptcy
Bankruptcy can be a difficult process, both conceptually and emotionally. However, if you are experiencing significant financial hardship it is important to remember that you are not alone. Millions of people have sought to take advantage of the benefits of filing for Chapter 13 bankruptcy, because it can stop a pending foreclosure or repossession of your assets. Chapter 13 bankruptcy can also prevent a wage garnishment while you reorganize your finances to reflect your current income and needs.
If you or someone you know has questions regarding Chapter 13 bankruptcy or if you would like to discuss the benefits of a Chapter 13 bankruptcy filing in your current situation, contact the experienced Chicagoland Chapter 13 bankruptcy attorneys at the Law Offices of Stuart B. Handelman today by calling 312-360-0500.
Possible Benefits
Chapter 13 bankruptcy allows you to reorganize your finances during the bankruptcy process without the threat of a bankruptcy sale such as that which accompanies a Chapter 7 filing. Some of the benefits of Chapter 13 bankruptcy include:
- Keeping your possessions, such as your car and home, instead of liquidating them
- Renegotiating the terms of repayment for debts according to your financial ability
- Limiting access of creditors to you, preventing harassing calls and letters
People often choose Chapter 13 bankruptcy when they encounter financial difficulty because it allows them to retain possession of their valuables during the bankruptcy process. In Chapter 7 bankruptcy, people often have to liquidate, or relinquish their ownership of their belongings.
Contact Us
If you are considering Chapter 13 bankruptcy, contact the experienced Chicagoland Chapter 13 bankruptcy attorneys at the Law Offices of Stuart B. Handelman at 312-360-0500 today to speak with a compassionate and experienced lawyer about the potential benefits of a Chapter 13 bankruptcy filing.
