Chapter 13 bankruptcy considerations

Having served the residents of Florida for more than 15 years, we here at Nowack & Olson PLLC understand how difficult it can be to choose the most appropriate form of debt relief for your unique situation. Chapter 13 bankruptcy is known to be one effective personal bankruptcy option, and is distinguished from Chapter 7 bankruptcy by several key factors.

Both Chapter 7 and Chapter 13 bankruptcy are capable of discharging unsecured debts, such as credit card debt and other personal loans. However, filing for Chapter 13 can allow you to maintain ownership of certain kinds of property, while still lowering the amount that you owe on those loans. For instance, you may be able to keep your car and/or house once those loans are adjusted through bankruptcy to lower your monthly payments.

Chapter 13 bankruptcy is also different from Chapter 7 in the way that it establishes a reasonable payment plan by which you can discharge your debts in a predetermined amount of time. By effectively addressing debts that are eligible for personal bankruptcy, you can be better equipped to handle other kinds of financial obligations, such as owed taxes, child support payments and outstanding student loans. Similarly, filing for bankruptcy can effectively stop harassment from collection agencies and/or the threat of wage garnishment in many instances.

Depending on the unique nature of your finances and financial challenges, filing for personal bankruptcy may be one reasonable option. Learn more about Chapter 13 bankruptcy and other debt relief options by visiting our web page today.