Now, that I’ve confused you with the title of this blog, let me explain why it shouldn’t be confusing! Whereas Chapter 7 is a complete and total financial reboot, Chapter 13 is essentially a reorganization of debt. Chapter 13 enables people to restructure their debts under the supervision and safety of the courts. That’s right. I said “safety”. The courts actually assist by forcing your creditors to work with you. That means that you can save your home from going into foreclosure, you can possible stave off repossession of your vehicle and you get an automatic “stay” from collection call harassment. As a Sacramento bankruptcy attorney I see a lot of Chapter 13 inquiries come through the website, and am starting to receive more inquiries about this very valuable tool of debt settlement and negotiation each week.
To Find Out The Best Debt Relief Option That Suites You Contact A Sacramento Bankruptcy Attorney
Let’s face it, most people love their homes. They do everything in their power to keep them, be it attempted modifications (I’ll save my modification rant for another post) or begging for forbearance. As a Sacramento bankruptcy lawyer I’ve filed my fair share of Chapter 13s and I can attest to the fact that they are the best way for struggling families to stay in their homes when one or more family members have lost a job.
When clients come to me asking whether Chapter 7 or Chapter 13 is right for them the very first question I ask is: Do you want to stay in your home? If they say “yes” then I begin right away with my explanation of the benefits of Chapter 13 bankruptcy filing.
If you are struggling to make ends meet and are on the verge of foreclosure then it’s time to start thinking about Chapter 13. It is not as scary as you might suppose. It allows you to continue to pay down debts but in a manner which you can afford. It is the “bankruptcy” for people who hate bankruptcy.
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