Chapter 13 bankruptcy is a type of bankruptcy that allows you to repay your debts over time. It is often referred to as a wage earner’s plan. People who file for chapter 13 bankruptcy will typically repay their debts off within three to five years.
If you are interested in filing for chapter 13 bankruptcy, then you will need to hire a chapter 13 bankruptcy attorney in Valdosta. There are several reasons that you will need to hire a bankruptcy attorney.
Avoid Foreclosure
If you are behind on your mortgage payments, then you can potentially lose your home. However, if you file for chapter 13 bankruptcy, then you can save your home. You will have time to make up for the missed payments.
Start Rebuilding Your Credit
It is no secret that chapter 13 bankruptcy will stay on your credit report for a long time. However, you can start rebuilding your credit as soon as you file for bankruptcy. In fact, you may start to get credit offers within one year of filing for bankruptcy.
Help WIth IRS Payments
It is a good idea to talk to a chapter 13 bankruptcy attorney in Valdosta if you are struggling with tax debt. You may be able to get your tax debt discharged. Even if you end up having to pay all of your debt back, you will still be able to save money if you file for chapter 13 bankruptcy.
Save Money
Even though you will still have to pay your debts back, you will still be able to save a lot of money. In fact, you may be able to make payments that are only 10 percent of your total debt amount.
After you pay all of your debts off, you will be able to get a fresh financial start. Filing for bankruptcy may be the best thing for your finances.
