Chapter 13 bankruptcy is often referred to as a wage earner’s plan. It allows people with a regular income to pay off their debts within three to five years. If you are thinking about filing for Chapter 13 bankruptcy, then you will need to seek out a Chapter 13 bankruptcy attorney in Coral Springs, FL, to help you through the process. There are several ways that you can benefit from filing for Chapter 13 bankruptcy with the help of a skilled attorney.
Avoid Foreclosure
You can still save your home if you file for Chapter 13 bankruptcy. Not only will the foreclosure process be stopped but you will also have the opportunity to make up the missed payments. You may not be able to make up the missed payments if you file for Chapter 7 bankruptcy.
Pay Off Your Debts
Although you will still have to pay off your debts if you file for Chapter 13 bankruptcy, you will have more time to make the payments. You may be able to make smaller payments, which will be easier on your budget. Additionally, creditors are not allowed to ask for payment in full after you complete the payment plan.
Improve Your Credit Faster
Bankruptcy is one of the worst things that you can have on your credit report. However, if you file for Chapter 13, then you will be able to improve your credit faster. Chapter 13 bankruptcy typically stays on your credit report for seven years, but Chapter 7 bankruptcy can stay on your credit report for up to 10 years. Bankruptcy will make it harder for you to get a credit card or loan in the future, however, if you file for Chapter 13 bankruptcy, then you may still be able to get a credit card after a year or more. If you get a credit card and start making regular payments, you’ll be able to slowly improve your credit score.
If you are in need of a Chapter 13 bankruptcy attorney in the Coral Springs, FL, area, get in touch with the law offices by visiting the website.
