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If you are considering bankruptcy, you already know how difficult of a choice it is. To make an educated and sound decision on whether to file or not, you will need to weigh all the options, pros and cons to decide what is best for you. Maybe a Chapter 7 bankruptcy is the right fit, wiping your slate clean and starting over. However, maybe you are not eligible for a Chapter 7 which leaves you considering Chapter 13. For individuals in this situation, a restructuring of your debt may have you paying back longer, it gives you more time to do so and relieves the anxiety that comes with being behind.

It may take you several years to pay back your debt after a Chapter 13 restructuring. While this seems like a long time, struggling to make payments or only paying the minimum due on unsecured debt can have you paying even longer. In Chapter 13 bankruptcy, your debt is restructured to be paid from the income that is left over after your basic living expenses are covered. If you are filing due to a job loss or other loss of income, your payments may be substantially lower during the repayment which keeps them manageable.

Chapter 13 trustees are flexible and will work with you to create a repayment plan that fits your situation. You can stretch out payments or lower the amount due. You can also give up certain property that you owe on to lessen the repayment even more.

You are still awarded the automatic stay during a Chapter 13 bankruptcy, and during the repayment your creditors cannot use other methods to collect on debts owed. While bankruptcy is a difficult decision, you have options. With Chapter 13, you get more time to pay without the worry, anxiety or stress that comes with financial struggle. If you are considering bankruptcy, speaking to a trusted attorney may help.