Understanding Chapter 13 Bankruptcy
In today’s economy, it sometimes seems like we just can’t stay ahead of our debts. As the cost of living rises and good-paying, full-time jobs become scarcer, people around the country are tightening their budgets and sacrificing not only luxuries but also basic necessities 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, which 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 profiting from others’ hardships.
Getting Control Of Your Debt
So many people live on such tight budgets that a single mishap, like an expensive medical procedure, can set off a chain reaction that leads to late or unpaid bills. And then, in short order, they’re receiving delinquency notices and threats from creditors.
It hardly seems fair to face the possibility of losing the possessions, including your home and vehicle, that you’ve worked so hard for. 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 that creditors may be threatening. This allows debtors time to consolidate their bills into a manageable monthly payment and gives them an allotted time to repay their large debts, such as a home mortgage. Bills for smaller amounts, such as credit cards and loans, can be adjusted to their financial situations, allowing them to repay as little as possible with reduced or no interest.
In other words, a Chapter 13 bill consolidation bankruptcy gives individuals more time and facilitates a more manageable repayment of their 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, our lawyer can help get you on the road to becoming debt-free. With 45 years of experience, attorney Robert Raley has helped thousands of Louisiana families get debt relief – and he is 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 will charge no upfront attorney fees once you retain us for your Chapter 13 case.