When Chapter 13 is a Better Choice than Chapter 7 Bankruptcy
Over 1.5 million individuals filed for bankruptcy in 2010 across the United States – a nine percent increase from the previous year. As people continue to suffer in the recent recession and the struggling economy, more people are choosing bankruptcy as a way out of debt so they can move on and work to begin regaining financial stability. Individual filers typically seek protection under Chapter 7 or Chapter 13, each of which offers very different benefits, making it important to determine which is right for your situation.
For guidance and legal assistance as you consider your bankruptcy options, it is advisable to consult with a skilled and experienced attorney. At Joshua Spirn & Associates, our Boston bankruptcy lawyers can discuss the details of your situation and help you to choose the appropriate course of action. Contact us at 800-975-5346 today to schedule a consultation.
Benefits of Chapter 13 over Chapter 7 Bankruptcy
Unlike Chapter 7 bankruptcy, Chapter 13 offers these types of benefits:
- Can stop the foreclosure process on your home
- May allow you to utilize a cramdown to modify certain loans
- Allows you to avoid the imposition of a bankruptcy sale
- Gives you a chance to pay off the debt over time
Before you commit to a life-changing decision such as a bankruptcy filing, speak with an attorney who can help you to fully appreciate the effects of your decision.
Contact Us
If you are struggling with a significant debt load, we can help. Contact the Boston bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.
