If you are faced with hard financial decisions every month and you are tired of watching your family struggle, Chapter 13 bankruptcy in Valdosta may be the right choice. It is not a decision that anyone should take lightly and it may not be the best option for you, but you should investigate it and learn more.
What is Chapter 13?
Chapter 13 is part of the bankruptcy code in place to help consumers that find themselves in financial trouble. It is often referred to as a wage earner plan because most secured debt is paid back through a “plan.” The plan is based off your income and what you owe. A trustee is assigned to manage the plan throughout the duration of the bankruptcy. Plans typically extend from 3-5 years.
There are many reasons why a Chapter 13 in Valdosta may be right for your family. Here are some of the benefits that you can get from filing with an experienced lawyer:
- A reduction in interest on debt
- Forgiveness of unsecured debt
- Forgiveness of other types of debt
- Lower overall monthly payments
- An end to collection activities including foreclosure and repossessions
Bankruptcy is not only a way to reorganize your debt, but it also reduces the amount of debt that you owe by lowering certain interest rates. It can give you and your family the breathing room that you need to relax and enjoy life again.
Get Reliable Advice
There are other bankruptcy filing options that can also provide you with debt relief. An experienced attorney can discuss your options with you and help you to make an informed decision. Getting the support you need can help you to make the right choice. Charles Farrell Attorney at Law can help!