Ben Sissman, Attorney at Law
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What can Chapter 13 do for you?

The term "bankruptcy" is often used broadly to refer to government assisted discharge of debt, but the law actually offers a few options for the consumer to consider. Most commonly, individuals who pursue bankruptcy choose either a Chapter 7 liquidation or a Chapter 13 repayment plan.

Both of these are excellent options, but one may fit your circumstances better, depending on the nature of your particular needs.

While both types of bankruptcy ultimately serve similar purposes for debtors, they do so in very different ways. A Chapter 7 liquidation requires a debtor to give up many of his or her assets to pay back a portion of debt. In contrast, a Chapter 13 repayment plan allows a debtor with a dependable income to create a repayment plan he or she can live with while placing a stop to collection tactics from creditors.

If you believe that a Chapter 13 procedure may work for you, don't wait to consult with an experienced bankruptcy attorney. Professional guidance can help you navigate the process, avoiding many pitfalls that may set you back and ensuring that you don't miss out on important benefits.

Chapter 13 helps you make steady progress toward financial freedom

In broad strokes, a chapter 13 bankruptcy helps you create a plan to repay your debts on a schedule that you can afford.

Many debtors who qualify for either option Chapter 7 choose to use Chapter 13 because it allows them to keep most or even all of their property.

When you choose to move forward with a Chapter 13 procedure, you create a repayment schedule that typically lasts between three and five years. Once you file, the court automatically halts all collection actions against you (although some other types of action may still occur).

With the help of the court and some room to breathe, you can create a path out of debt in only a few years' time and still keep most or all of your belongings, without the constant pressure of creditors sending letters and calling your home.

It is worth noting that a Chapter 13 bankruptcy is a complicated process that requires debtors to follow fairly complex guidelines and timetables. Many individuals who attempt a Chapter 13 bankruptcy without professional guidance only make their own circumstances worse because they fail to fully understand the details of the process.

If you want to know more about how Chapter 13 may benefit you, an experienced attorney can help you look closely at your financial life and identify the wisest path forward to get you the relief you need.

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Memphis, TN 38103

Phone: 901-730-4958
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