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The basics of Chapter 13 bankruptcy

Like many South Carolina residents, you might be feeling the strain of overwhelming debt. In addition to utilities and basic living expenses, your credit card bills, medical debt, vehicle payments and mortgage might be more than you can handle at this time. Filing for bankruptcy is an option you are considering, but you worry that you might lose your assets, including your home and vehicles. Is a Chapter 13 bankruptcy the right option for you?

Unlike Chapter 7 bankruptcy, which discharges most types of debt and would likely result in the liquidation of many of your assets to repay your creditors, Chapter 13 allows you to repay all or most of your debt in a manageable repayment plan. If you have a home, cars, property and other valuable assets, you would stand to lose them if you file for Chapter 7. Chapter 13 bankruptcy may be ideal if you have a steady job and sufficient income to cover your expenses.

The following points further illustrate how Chapter 13 bankruptcy works.

  • A means test will determine if your income level will qualify you to repay your debts under the repayment plan.
  • Chapter 13 may protect you from foreclosure and vehicle repossession.
  • The repayment plan generally lasts between three and five years.
  • A trustee would collect payments and distribute them to your creditors.
  • Some of your debt may be eleigible for a discharge at the end of your payment term.

Like many others who have successfully filed for Chapter 13 bankruptcy, you might find one monthly payment convenient, instead of having to pay each of your creditors separately. Chapter 13 can give you the chance to keep your assets while allowing you to regain your financial footing. Additionally, you will have the peace of mind knowing that you took care of your debts to the best of your ability. Talk to an attorney to find out if Chapter 13 is the right debt solution for you.

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