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Bankruptcy Law

Benefits and Misconceptions about Chapter 13 Bankruptcy

Bankruptcy Law Every day, people come to us seeking debt relief, yet hesitant to take the next step because they are concerned about how it will affect their creditor score in the long term. If you are having a difficult time paying off your debts and are now looking for a solution, we urge you to take a moment to consult a New York Chapter 13 bankruptcy lawyer at our firm. After speaking with an attorney at our firm, you may be surprised to learn there are actually quite a few benefits to filing for Chapter 13 bankruptcy.

Some of the most rewarding benefits to Chapter 13 bankruptcy include:

  • Filing for Chapter 13 will put an end to creditor harassment
  • Filing for Chapter 13 will put an end to wage garnishments
  • Filing for Chapter 13 will put an end to repossessions
  • Filing for Chapter 13 can halt foreclosure
  • Filing for Chapter 13 can halt pending debt collection lawsuits
  • After filing for Chapter 13, you will no longer be burdened with the stress, anxiety, and overwhelming sense of worry over how you will repay your debts
  • After Chapter 13 bankruptcy you will finally be debt free!

The two most common misconceptions about Chapter 13 bankruptcy are that it will permanently damage your credit rating and that you will lose your home, vehicle, and other valuable assets during the bankruptcy process. This could not be further from the truth. While your credit will undoubtedly take a hit, many people are surprised how quickly they are able to start rebuilding their credit, even with a bankruptcy on their credit history.

If you are worried about losing your assets, you shouldn't be. Unlike Chapter 7 bankruptcy, your assets will not be liquidated when you file for Chapter 13. Instead of liquidating your assets to repay your creditors, your debts are consolidated into a lump sum that you are responsible for paying off over the course of three to five years.

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