What can a Chapter 13 bankruptcy do for me?

A Chapter 13 bankruptcy will work wonders on your debts and help to place you in control of the creditors.  Chapter 13’s help manage your debt obligations for a period of 3-5 yrs by a repayment plan.  You work with your bankruptcy attorney to submit a plan on restructuring your debt; making it easier for you to pay.  In addition, the Chapter 13 Plan addresses whether or not you pay anything towards unsecured debts.  Depending on your situation and desire, you could pay anywhere from 0% to 100%. Debts and bills overpowering you are now under control and reduced to an affordable amount.  This is an option available to you that offers a lot of benefits and puts you in the driver’s seat.

There are many benefits and advantages of filing a Chapter 13 in MS. Here are a few:

  1. If you have become behind on your mortgage payments, you can get caught up on the missed payments and stop the foreclosure.
  2. Keep creditors from repossessing your vehicle and get caught up on the payments.  You may be able to just pay the value of the vehicle instead of the full amount you owe as well.
  3. If you need an affordable repayment plan that you can handle for student loans, child support, alimony, court fines, and other obligations that have to be paid (are not dischargeable), you can include them in a Chapter 13 repayment plan.
  4. If you owe back taxes that can’t be wiped out, you can pay them back over a 5 year time period.  The IRS will be forced to stop their collection attempts.
  5. You can protect the cosigners on your debts.  If you have a debt that is cosigned, then the cosigner is protected by your bankruptcy filing while you are paying your Chapter 13 payments.
  6. If you filed Chapter 7 bankruptcy within the last 8 years, you can still file a Chapter 13 bankruptcy and get protection from your creditors.
  7. A Chapter 13 can offer protection for non-exempt property that you have that may not be safe if you were to file a Chapter 7 bankruptcy case.
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