Have you found yourself with a mountain of past-due bills and no idea how you’re going to pay them off? If so, you may have considered filing for bankruptcy. Before you do so, it’s vital that you understand the options you have available to you. For those who would like to create a better financial future, here are several ways that choosing Chapter 13 bankruptcy can benefit you:
1. One of the worst things about being in debt is having to endure harassment from your creditors. When you file a petition for Chapter 13 bankruptcy, you can say goodbye to those harassing phone calls and letters. This is because the courts will grant you an automatic stay, which means collection efforts must cease while your case makes its way through the legal system.
2. If you’re currently facing foreclosure on your home, then you may want to consider filing for Chapter 13 bankruptcy. As you work with an attorney to assess your needs and come up with a debt repayment plan that works for everyone involved, your bank or loan company won’t have the necessary authority to proceed with the foreclosure process. If you can agree on a repayment plan that incorporates your past-due mortgage bills, you’ll likely be able to stay in your home for as long as you continue to pay on time.
3. Those who have even a few past-due bills can quickly find themselves overwhelmed with debt. You may be in a situation where you owe a lot of money to your creditors and just need a little more time to catch up with your payments. Chapter 13 bankruptcy will help you come up with a solid structured plan to reorganize your debt so that you have more time to pay what you owe. Furthermore, you’ll be able to consolidate your debt so that you are making just one payment instead of having to keep track of which creditors you owe and when payments are due.
Bankruptcy can be a great option for people who need help getting back on track, but it can also be a confusing process. If you’re considering filing for Chapter 13 Bankruptcy Colorado Springs, don’t forsake legal counsel. Contact David M. Koppa to speak with a professional who can help you through the process and provide the sound advice you need to create a better financial outlook for yourself.
