Understanding Chapter 13 Bankruptcy
In today’s economy, it sometimes seems we just can’t stay ahead of our debt. As the cost of living rises and good-paying, full-time jobs become more scarce, people around the country are tightening their budgets and sacrificing not only luxuries but also basic necessities in order to stay afloat.
It’s not always a balanced effort. On one end of the scale are those who are struggling to make ends meet, and on the other end are financial institutions, including lenders and creditors, who are reaping benefits from the desperate efforts of those overwhelmed by debt. By raising interest rates and packing on fees and charges, these companies and banks are making a profit on your hardship.
Getting Control Of Your Debt
So many people live on such a tight budget that a single mishap, like an expensive medical procedure, can set off a chain reaction that leads to late or unpaid bills. And in short order, you’re receiving delinquency notices and threats from your creditors.
It hardly seems fair to face the possibility of losing the possessions, including your home and vehicle, you’ve worked so hard to get and have paid as much as you can. Sometimes, people try to work out a plan with creditors to repay their debt, but financial institutions are rarely eager to work with borrowers to fix their problems. A Chapter 13 bill consolidation bankruptcy may provide a solution to this dilemma.
Filing For Chapter 13 Bill Consolidation Bankruptcy
A majority of debtors are motivated to repay their debts, but they can’t quite gain enough financial traction to do so. In that case, filing a Chapter 13 bill consolidation bankruptcy puts a hold on foreclosures, repossessions, wage garnishments and other drastic collection measures which may be threatened by creditors. This allows you time to consolidate your bills into a manageable monthly payment and gives you an allotted time to repay your large debts, such as a home mortgage. Bills for smaller amounts such as credit cards and loans can be adjusted to your financial situation, allowing you to repay as little as possible with reduced or no interest.
In other words, a Chapter 13 bill consolidation bankruptcy gives you more time and facilitates a more manageable repayment of your debts.
Contact Us Today
At Robert W. Raley - Bankruptcy Lawyer, we offer solutions to your debt burden. Through a Chapter 7 fresh-start bankruptcy or Chapter 13 bill consolidation bankruptcy, we can put you back on the road to becoming debt free. With over 43 years of experience, we have helped thousands of Louisiana families get debt relief – and we are ready to help you.
Call Robert W. Raley - Bankruptcy Lawyer today at 318-747-2230 or set up an appointment by sending us an email. Your initial consultation is free, and we charge no up-front attorney fees once retained in Chapter 13 cases.
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.