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Why would you choose Chapter 13 bankruptcy over Chapter 7?

Louisiana readers know there are many challenges that come with facing overwhelming debt. From the constant phone calls from creditors to dealing with the threat of foreclosure on your home, you know that you need a way out, and that could come in the form of consumer bankruptcy. If you have made the decision to seek relief by filing for bankruptcy, you will then have to decide if Chapter 7 or Chapter 13 is the best choice for you.

While Chapter 7 bankruptcy is a popular choice, Chapter 13 bankruptcy may offer you more benefits. It takes a period of three to five years to complete, but it could be the right way for you to effectively deal with your debt and move on to a stronger financial future.

Why Chapter 13?

There are many things to consider as you are working to decide which chapter of bankruptcy is the right choice for you. From the types of debts you owe to your income, your bankruptcy decision depends on the nature of your individual situation and financial factors. Some of the reasons that you may consider Chapter 13 bankruptcy include the following:

  • Not eligible for Chapter 7 bankruptcy
  • Facing threats of foreclosure and losing your home
  • Have the desire to pay off your debts over time
  • Want to keep your non-exempt property
  • Dealing with repossession actions against you
  • Owe on debts not dischargeable through Chapter 7

These are just some of the many reasons why Chapter 13 could be the optimal path for you as you work for a better financial future. This step could allow you to keep your property, pay off your debt while under the protection of the automatic stay and give you a path to a future that is free from crushing debt.

Every financial situation is unique, and you would be wise to carefully consider all of your options before you make the decision to file for either Chapter 7 or Chapter 13 bankruptcy.

Is it possible to be debt free?

Living with overwhelming debt can take its toll. Your financial situation can have a significant negative impact on your life, but you can take back control and work for a better, debt-free future by filing for bankruptcy.

Chapter 13 bankruptcy may not be your first choice, but it could be the right one for you and your unique financial situation. If you would like to know more about the protections and benefits this step can provide, you would be wise to seek a complete evaluation of your case.

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