In this day and age being bankrupt is not something to be embarrassed about as it is quite common. Filing chapter 13 bankruptcies can have many benefits for your financial future. There are so many different types of chapters you can file when it comes to being bankrupt. If you are considering chapter 13 in Lawrence, KS you may be wondering what the benefits are to filing chapter thirteen over other kinds of bankruptcy. Here are a few ways chapter 13 in Lawrence, KS can benefit you.
One of the many benefits of filing chapter 13 is being able to keep your property. If you own a home, rental property, a vehicle or other types of secured debt, filing chapter thirteen may benefit you by helping save properties from repossession. For example, if you fall behind in your house and car payment, instead of having the property taken from you, filing chapter thirteen will help consolidate the debt and allow you to catch up on the missed payments and let you pay them off over a few years. This type of bankruptcy may allow you to maintain your same lifestyle while catching up on your missed payments.
Secondly, filing chapter 13 can help protect co-debtors. For instance, if you have a family member or a friend who has co-signed on a loan for your home or your car in the past, filing chapter thirteen will help protect those co-debtors from being left to repay the debt themselves. This may allow you to maintain a happy and healthy relationship with your family and friends who were kind enough to co-sign with you.
Last, when you file chapter 13 in Lawrence, KS it will help you prevent wage garnishments. For example, if you have a creditor attempting to garnish your wages to pay back the debt you owe them, choosing to file chapter thirteen will stop them from being able to take money from your paychecks. This will assist you in being able to maintain your lifestyle without having to worry about how you are going to afford other monthly living expenses.
There are many ways chapter thirteen can help you with your financial situation. It will help you protect your co-signer and can help you prevent having your wages garnished by a creditor.
If filing chapter 13 in Lawrence, KS is right for your financial situation, an attorney from The Law Offices of Joseph I. Wittman, can help you throughout the process. Chapter 13 can help give you back a stable financial future while paying back your debts.
