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Filing Chapter 13 may not mean forfeiting property

These days, it is more difficult to balance the many demands of life without at least a few frustrating complications. The more complex your life gets, the more overwhelming all of your obligations may feel.

Often, when overwhelming circumstances involve debt that is difficult to manage, it is easy to lose perspective and think that you have no options for recovery. This can happen easily if your circumstances take a turn for the worse, or if you make a financial decision that backfires. If you have significant income but struggle to pay all your debts on time, you may be a good candidate for Chapter 13 bankruptcy.

Chapter 13 and personal property

Many people consider bankruptcy as their last option, but it is often useful much earlier. Some common misconceptions about bankruptcy cause people to avoid it longer than necessary, including the concern that filing bankruptcy means forfeiting their personal property, including their home.

Chapter 13 bankruptcy requires a borrower to create a structured repayment plan that uses their existing income to pay down their debt. Once under Chapter 13, a borrower enjoys protection from collections tactics by creditors. This alone can make a huge difference in the debtor's quality of life and create the mental space that they need to get their affairs in order and pay off their debts consistently.

One of the key advantages of Chapter 13 is that it does not require the borrower to forfeit personal property, as long as the borrower has sufficient income to obey the scheduled repayment plan.

This means that a borrower may use Chapter 13 to discharge significant amounts of debt and halt frustrating collections tactics, all while keeping all or most of their personal property. Once the process completes, the borrower is free to move on to a new season of life, free of unsustainable debt.

Beginning your recovery

If you think Chapter 13 may be a good fit for you, then you shouldn't wait to look into it further. The sooner you take action to change your circumstances for the better, the sooner you may experience the security and relief that you need.

An effective Chapter 13 procedure is not simple, and there are many pitfalls along the way, so you must plan your bankruptcy carefully. Make sure to use high-quality legal resources and guidance as you move toward a new season of life, free of the weight of debt.

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