What Can A Chapter 13 Bankruptcy Filing Do For You?

About Me
Recovering from a Business Failure

I’ve always admired entrepreneurs. Because of the financial risks they take, I think they are courageous people. Due to my timid nature, I never imagined I’d be one myself. But, after leaving a successful career in accounting a few years ago, I decided to launch my own home based business. So far, I’ve enjoyed success in this amazingly rewarding venture. Sadly, many entrepreneurs don’t experience the same type of success I’ve found. If they operate sole proprietorship or partnerships, their personal assets are often at risk when their business interests fail. On this blog, you will discover how a bankruptcy attorney can help a business owner who can’t pay his or her business debts.


What Can A Chapter 13 Bankruptcy Filing Do For You?

11 January 2022
 Categories: , Blog

Bankruptcy is not a bad thing, although the events leading up to it may make it all feel terrible. Things such as the loss of a job or a divorce can all be hard, but bankruptcy is the saving grace in it all, and it shouldn't be thought of in a negative way. If you are in a poor financial situation with no end in sight and no other way to get out of your financial burdens, you can file for Chapter 13 bankruptcy. The type of bankruptcy is usually dependent upon your financial situation and how much debt you have versus how much you make and how many assets you have. Read on for some helpful information about Chapter 13 bankruptcy law.

Allows You To Pay Back Debts And Keep Some Assets

You will be able to pay back your debts according to a schedule that is made for you specifically based on your debts and your income. The schedule will be set up so that it is paid off in a timely manner but also to ensure you are able to keep up with the payments so you don't fall behind. By paying back your debts, you aren't going to have to give back some of your assets, including assets such as vehicles or your home. 

Make Your Debts More Manageable

Your debts are not all going to be paid back, but most will be. The debts you will be required to pay back will be according to your bankruptcy trustee and they will be manageable. If you tried to pay back your debts yourself on a schedule, you may not get the same low payments and your creditors may not be as willing to work with you as they will with the bankruptcy trustee. More manageable debts will take a lot of stress off of you and can help you in other ways, not just financially.

To Get You Some Financial Freedom

You can get out of debt by filing for bankruptcy and this will give you some financial freedom. Financial freedom is something many people strive for and it can help set you up for a better future. Learning from your mistakes in the past can teach you how to make better financial choices later down the road so you don't end up in the same position.

Filing for bankruptcy should not be looked upon in a negative way. It should be looked at as a way to change your future and help improve your finances. If you are in debt and see no way out, you should make an appointment with a bankruptcy attorney to start the bankruptcy process.