Drowning in debt is never a good feeling for anyone to have to endure. Unfortunately, many do so without knowing how to get out of the situation they’re in. This is where taking advantage of options like Chapter 13 bankruptcy can help. Here are just a few of the benefits that you can expect to reap with a Chapter 13 petition:
Pay What You Can Afford
Over time, many consumers find that they are simply unable to keep up with all of the monthly payments that they have to make to their creditors. In that regard, one of the biggest benefits of choosing Chapter 13 Bankruptcy in Indianapolis IN is that you’ll have the chance to restructure your debt and design a debt repayment plan that takes your income level into account. Furthermore, the remaining balance on many of your debts will be discharged when your case is closed so that you won’t have to worry about paying them back.
Save Your Home
Many of those who are looking into the bankruptcy process are doing so because they are currently facing foreclosure and would like to save their homes. Fortunately, Chapter 13 bankruptcy is designed to help you accomplish that. Filing your petition in a timely manner means that the loan company will have to cease their foreclosure efforts while you come up with a plan to spread out your past-due payments over the course of a few years. This will help take the pressure off of you by lowering your payments and giving you more time to make them.
Getting Some Tax Relief
For those who are currently in trouble with the IRS, it is important to realize that some of the tax debt you have may be treated as unsecured debt in a Chapter 13 case, which means it could be eligible for discharge. Even if this isn’t the case, filing for Chapter 13 Bankruptcy in Indianapolis IN means that you may not have to pay interest on your tax debts, and certain consumers may be able to have their tax liens crammed down so that they owe much less money.
If you’re having a hard time meeting your financial obligations, you need to know that there is help available for you. Visit The Wright Law Group LLC to find out more about how a Chapter 13 bankruptcy may be just what you need to build a better life.
