When Is Chapter 13 More Useful than Chapter 7?
Chapter 13 involves a number of different benefits that aren’t available through Chapter 7. These benefits may prove crucial for a debtor in need of specific bankruptcy protections. This is why it is so important for a debtor to carefully evaluate which type of bankruptcy they should pursue before filing. An attorney can help throughout this process, giving a debtor advice and information to improve their understanding of the pros and cons of each type of bankruptcy.
If you’re looking for debt relief and need a strong solution like bankruptcy, we may be able to help you. For more information regarding your options as a debtor, contact the Birmingham bankruptcy lawyers of GREENWAY BANKRUPTCY LAW, LLC, today by calling (205) 324-4000.
Benefits of Chapter 13 over Chapter 7
The benefits to Chapter 13 bankruptcy can help debtors in a number of different situations to overcome their debt problems by giving them the opportunity to deal with serious issues. The following benefits are only available through Chapter 13 bankruptcy:
- Keep most property through the bankruptcy process
- Revalue certain loans through a cramdown
- Stop foreclosure on a mortgage
These benefits are often important for families with a significant need to keep certain properties.
If your finances have grown out of control, bankruptcy may be the right solution for you to finally move forward with your debt problems. To discuss your options in further detail with an experienced legal advisor, contact the Birmingham bankruptcy attorneys of GREENWAY BANKRUPTCY LAW, LLC, at (205) 324-4000 today.