Why You Should Consider Filing Chapter 13 Bankruptcy in Atlanta

Why You Should Consider Filing Chapter 13 Bankruptcy in Atlanta Explained By A Bankruptcy Attorney

If you're considering filing for bankruptcy, you probably know about the two consumer options - Chapter 7 and Chapter 13. You also probably know the benefit of Chapter 7 bankruptcy insofar as you can wipe out your credit card and unsecured debt. However, you may not know the reasons why a Chapter 13 bankruptcy may be the right choice for you.

Take a look at the following 12 reasons that you should think about filing Chapter 13 in Atlanta:


1. If you have fallen behind on your mortgage payments and are facing foreclosure, you can include your past due payments in the plan and save your house from foreclosure. This way you have the whole length of the plan to make these payments, get caught up and save your house.


2. Chapter 13 is very flexible. You can dismiss your case or convert it to Chapter 7 at any time. If you have a change in income, decide to give up a house or a car, you are allowed to modify your payment plan. And you can refinance or sell your house during the administration of the plan.


3. You can use the Chapter 13 to remove an -unsecured- second mortgage from your home.


4. Any costs added to your mortgage by your lender can be challenged.


5. Chapter 13 allows inclusion of debts like divorce payments that are not allowed with Chapter 7.


6. Trustees are on your side and want to help you be successful.


7. The fee you pay your attorney can be spread out rather than being paid in full before you file.


8. You can keep your car without having to reaffirm it.


9. If you have past due child support/alimony or taxes, you have up to 5 years to catch up.


10. Secured debt such as car payments can be extended.


11. The United States Trustee cannot challenge your Chapter 13 case based on your income, like they can in a Chapter 7.


12. Your property will not be taken away, whether it is exempt or not.


There is still a stigma of failure attached to filing for bankruptcy. But the fact remains - declaring bankruptcy is a compelling way to make a fresh start, to clean the slate, so to speak. There are pros and cons to both Chapter 7 and Chapter 13 so it's a good idea to speak with a skilled somekeyword before you file. Only a somekeyword with a great deal of bankruptcy law experience can answer your questions and tell you how filing bankruptcy will affect your life.somekeyword somekeyword somekeyword somekeyword