Can you qualify for the benefits of chapter 13 Logan bankruptcy?
Laws, bankruptcySome debtors can avoid many of the unpleasant elements of chapter 7 Logan bankruptcy by filing under chapter 13 instead.
No one likes to file for bankruptcy. Some debtors worry about their credit, others are afraid of losing their property. For all debtors, bankruptcy is inconvenient and they’d rather not have to bother with it at all.
The truth is that bankruptcy is a new beginning. It’s a rescue from disaster and provides a place to start over. It still isn’t any fun, but it is the first part of a better future. That’s something to be happy about. Furthermore, bankruptcy can be a lot less stressful than many of you think.
The fears people have about Logan bankruptcy, losing their home, their car, are associated with chapter 7. It is true that a good attorney can protect your property while going through chapter 7 bankruptcy, but there is a better way to ensure that you keep what belongs to you. Chapter 13 Logan bankruptcy is an option that many debtors are unfamiliar with, and it provides the same debt resolution with no risk to your property.
It works by adjusting your debt. The court puts all your dischargable debts together and sets up a payment plan that fits your budget. This plan will last between 3 and 5 years. That sounds like a lot, but it’s no longer than common car payment plans. During this time you are under the protection of the Logan bankruptcy court and your creditors won’t be able to touch you. Once you finish your payments, the rest of your debt is discharged and you are on your way, debt-free.
There are some key advantages to chapter 13 over chapter 7. Most prominently, you keep all your assets. The experience also teaches debtors better personal finance skills that result in greater success in the years after Logan bankruptcy.
To receive these benefits, the court has requirements each debtor must meet. First is a reliable income that can cover your household’s basic living expenses as well as payments to the court. The court cares more about the reliability of your pay check than the size of it.
There are also limits of the debt you can owe. Unsecured debts are limited to $336,900. Secured debts must be less than $1,010,650.
If you meet these requirements, you would do well to consider chapter 13 Logan bankruptcy. You would do even better to come in for a free consultation so that we can help you find the best solution to your problems with debt. Fill out a free evaluation today.
