Adult life is a balancing act, with parents and individuals juggling mortgages, car payments and credit card debt. Unfortunately sometimes we lose our balance and end up struggling to regain control of our finances. When debt is spiraling out of control, many families reach for the relief of bankruptcy. While a complete discharge of all debts may be the most attractive option for many families, every situation is different and for individuals with substantial assets, Chapter 7 may not be an option. Fortunately, struggling families can find the same relief and fresh start through a Chapter 13 bankruptcy.
A Chapter 13 restructuring allows families to keep their valuable assets while working toward financial freedom. While chapter 13 may give families more options, it is a complex and often confusing process. Various elements such as business interests, properties and a high net worth may further complicate a bankruptcy. In order to adequately protect these assets and others, Chapter 13 filers may benefit most by speaking to an attorney.
For many individuals, a Chapter 13 restructuring may be the only way to regain control of their finances. In order for individuals to take advantage of every benefit bankruptcy law offers, it is crucial that they work with someone that has a comprehensive knowledge of the process, limitations and requirements.
Even though chapter 13 bankruptcy does not discharge all debts, it does offer more options for debt modification and repayment. If you are struggling with your finances or drowning in debt, it may be time to speak to an experienced attorney about how a Chapter 13 restructuring plan can help you.