Posted by Sami Thalji | Feb 07, 2023 |
Chapter 13 bankruptcy offers several benefits for the average consumer struggling with debt. These benefits include protection from foreclosure, stopping creditor harassment, paying off debt, keeping property, and improving credit score. Chapter 13 bankruptcy allows individuals to repay their debt over a three to five-year period, with a payment plan established by the bankruptcy court. Filing for Chapter 13 bankruptcy will have a negative impact on credit score, but can also be an opportunity for individuals to start fresh and rebuild their credit. It's important to consult a knowledgeable bankruptcy attorney to determine if Chapter 13 is the right option.