Joliet Benefits of Chapter 13 Bankruptcy Lawyers
A debtor may need the strong kind of debt relief provided by bankruptcy, but may not want to pursue liquidation. For these debtors, Chapter 13 bankruptcy proceedings offer a way to manage debts and work through issues with creditors. This form of personal bankruptcy can offer numerous advantages for debtors who are in a position to pay a portion their debts under different arrangements.
If you are prepared to begin working toward a new financial future, contact the Joliet Chapter 13 bankruptcy attorneys of Law Offices of Stuart B. Handelman by calling 815-722-2201 for more information regarding your bankruptcy options.
Chapter 13 Bankruptcy Benefits
Chapter 13 bankruptcy helps debtors deal with their debt without going through the liquidation process. Whereas a Chapter 7 filing may lead to the sale of some assets to generate funds with which to pay creditors, under Chapter 13 debtors typically do not have to expose their property to sale. In addition to the specific benefits of this type of bankruptcy, a debtor filing for bankruptcy can take advantage of the basic protections from creditors which are afforded to all bankruptcy filers.
The following are a few of the benefits of pursuing a Chapter 13 bankruptcy filing:
- Working through debt using a bankruptcy plan, lowering debt payments
- Avoiding liquidation of personal property
- Putting an end to harassing calls or letters from creditors or collection agencies
- Halting foreclosure proceedings
Instead of liquidation, Chapter 13 focuses on creating a manageable debt plan with less expensive payments to creditors. This can prove extremely useful for debtors who have regular income.
If you are facing overwhelming debt and need a fresh start, we may be able to help. A successful Chapter 13 bankruptcy case can help you move forward from your currently distressing financial situation. To learn more, contact the Joliet Chapter 13 bankruptcy lawyers of Law Offices of Stuart B. Handelman at 815-722-2201.