Bankruptcy comes in different types. When a person is filing for bankruptcy, it can be important for them to pick the type that is the best fit for them. Some people find Chapter 13 bankruptcy to be a good fit.
There are many things that can impact whether Chapter 13 bankruptcy would be a good debt relief option for a given person.
One is whether they meet the requirements for Chapter 13 bankruptcy. This bankruptcy type is not available to all debtors. Having too much overall debt or not having a steady income are among the things that can make it so Chapter 13 bankruptcy isn’t an available option.
Another thing that can impact how good of a fit a Chapter 13 bankruptcy would be for a given person with debt struggles is what they want to achieve in the bankruptcy.
There are certain aims that Chapter 13 bankruptcy can sometimes be particularly well-suited for trying to achieve. One such aim is the aim of not losing one’s home in the face of mortgage struggles. A Chapter 13 bankruptcy repayment plan can sometimes be structured to get a person back on track with their mortgage payments, which could potentially provide a person with a long-term solution to avoiding foreclosure.
Our firm can provide individuals who are thinking about filing for a Chapter 13 bankruptcy with information on what this type of bankruptcy involves and what rules are associated it and can review their financial circumstances and debt relief aims to see if Chapter 13 bankruptcy would in fact be a helpful option for them.