What Does Chapter 13 Bankruptcy Do That Chapter 7 Doesn’t?
For many debtors, the difference between Chapter 7 and Chapter 13 bankruptcy may not be readily obvious. However, each type of bankruptcy has its own benefits and downsides, with Chapter 7 bankruptcy often being considered the more strict form of bankruptcy due to its liquidation process. Debtors searching for a more approachable type of bankruptcy may prefer the many benefits of Chapter 13 bankruptcy.
If your finances have become uncontrollable and you are thinking about bankruptcy, we may be able to help. For additional information about your options, contact Florida Chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.
Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcy works by allowing a debtor to set up a repayment plan that works within their own financial constraints. This allows debtors to repay debts on their own time, instead of losing their property through liquidation.
This form of bankruptcy offers the following benefits:
- Keeping property instead of losing it in liquidation sales
- Cramming down the value of certain existing loans
- Stopping lenders from foreclosing on certain properties
These benefits may prove crucial for some debtors, as they may not be able to afford certain properties for the well-being of themselves or their families.
If you’re considering filing for bankruptcy, there may be certain opportunities available to you that you are unaware of. To learn more, contact Florida Chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.