Some other benefits and advantages to filing for Chapter 13 protection include:
- Save your home from foreclosure by catching up on delinquent mortgage payments
- Make up for missed payments on other debts, including car loans, etc.
- An automatic stay goes into place shielding debtors from creditor harassment
- Restructuring of outstanding debts enables debtors to get a handle on their finances, consolidate their debts and come up with a practical repayment schedule where payments are made to a Chapter 13 trustee rather than each individual creditor
- Debtors hold on to unsecured assets that may be liquidated during Chapter 7 filings
- At the end of the repayment period, qualifying debts that have not been satisfied may be discharged
When you reach out to us at Troutman & Napier, our attorneys, including Gregory A. Napier, will look to make sure you understand your bankruptcy options. Also, we will help you explore all possible alternatives. If filing for Chapter 7 or Chapter 13 isn't the best option for you, we'll say so and help you pursue other opportunities for getting out of debt.
As a local firm with more than 30 years of experience helping people in our communities, we understand the frustration and fear many people feel when talking about debt and bankruptcy. Although we put on suits and ties and go to court, we are more than just lawyers, we are hardworking people who genuinely want to help you, our client, find a solution and achieve your goals.