Watch this video to discover why filing for bankruptcy is good for you. Life may throw a spanner into the works and get you off the track, leaving you with debts you cannot serve on time and creditors hanging on your neck. Filling for bankruptcy is a great way to get yourself time to sort out your financial woes and save your assets. There are three main reasons why you should consider filing for chapter 13 bankruptcy.
It helps when you are in a position where you cannot pay your debts and cater to your living expenses.
Chapter 13 bankruptcy follows a similar process to chapter 7 bankruptcy and requires you to fill out similar paperwork before the courts. It is the best and the only option you have when you don’t qualify for chapter 7 bankruptcy. The court will look at your lifestyle, household, income, and living expenses to determine if you can pay the creditors and still afford to live decently. It allows you to file for bankruptcy after creating an elaborate plan shared with the court for paying creditors. The second reason to file for it is when you are facing foreclosure and repossession. It protects creditors from repossessing your car or house as you work on paying them. Finally, it prevents the courts from selling your property to recover debts while allowing you to make payments for up to five years.
