Get Expert Bankruptcy Advice Chapter 13 Made Simple
The Benefits of Chapter 13 Bankruptcy
One of the primary advantages of Chapter 13 is the ability to stop foreclosure proceedings and potentially save your home. When you file for Chapter 13, an automatic stay is placed on your assets, halting foreclosure and other collection activities immediately. This gives you the breathing room to reorganize your finances and propose a feasible repayment plan to the court.
Additionally, Chapter 13 allows you to reschedule secured debts (other than your mortgage) and extend them over the life of the plan, which may lower your payments. This flexibility can be especially valuable if you have significant debts with high interest rates1.