What Does Chapter 13 Bankruptcy Offer That Chapter 7 Doesn’t?
A debtor filing for bankruptcy may opt to pursue Chapter 13 bankruptcy instead of Chapter 7 due to the unique benefits offered. Chapter 7 bankruptcy, often known as liquidation bankruptcy, does offer strong debt relief solutions, but often comes at a high cost to the debtor’s property. On the other hand, Chapter 13 bankruptcy provides a repayment plan solution in addition to several benefits that can protect property.
If you’re thinking about filing for bankruptcy and need help choosing which type to file under, our advisors may be able to help. For more information regarding your options, contact the Joliet Chapter 13 bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
3 Unique Ways Chapter 13 Bankruptcy Can Help
Chapter 13 and Chapter 7 bankruptcies are both powerful debt relief options. However, there are significant differences between them. For Chapter 13 bankruptcy, debtors can expect the following protections and benefits:
- The ability to cram down, or reduce the amount, of certain debts
- Protection of property from liquidation, even for nonexempt items
- Quick foreclosure protection
Especially for families that rely on their personal property and real estate, these protections can prove extremely important.
If you can’t manage your debt any more, we may be able to work with you to find a suitable bankruptcy solution. To learn more, contact the Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.