What is a Chapter 13 Bankruptcy in Dublin, Ohio and How Can it Help Me?

Chapter 13: Path to Debt Management and Elimination

A person in need of debt relief should not feel overwhelmed with guilt and shame because there is always a way out of this type of circumstance. It may surprise you to discover that many people have been offered debt consolidation services for various debt issues. Keep in mind, if you are experiencing financial issues, you have some choices and your situation can change as you get back on financial track. Consider Chapter 13 bankruptcy as an option. This option will allow you to create an affordable payment plan. It will keep you feeling optimistic about your financial future. Chapter 13 repayment plans typically last for three to five years. Once your repayment time is up, your unsecured and unpaid debt may be discharged. Chapter 13 bankruptcy has provided financial relief for numerous people because it is a path leading to elimination of debt. There are some restrictions that come with filing Chapter 13 bankruptcy. A knowledgeable attorney can be very helpful in this type of situation.

Reorganization and Repayment for Debt

Many individuals have found it very beneficial to file Chapter 13 bankruptcy while in a financial crisis. The following benefits can come with this option:

* Co-signer protection: the co-signer of a loan will receive needed protection. The same protection that the filer of Chapter 13 receives will be extended to the co-signer in terms of the collection activity. This will be useful while the repayment plan is being determined.

* Can stop foreclosure: filing Chapter 13 bankruptcy can stop a foreclosure action. This will give you time to repay the mortgage arrears. You will have an obligation to make any future payments as well.

* Help with student loans: student loans cannot be eliminated in Chapter 7 bankruptcy, or in a Chapter 13 bankruptcy. Filing Chapter 13 bankruptcy allows you to consolidate many of your other bills including your student loan debts. It will stop collection against you on the student loans, while the bankruptcy case is going on. Any collection action and garnishments that are related to student loan debts can be stopped and give you time to get your feet back on the ground so you can work out a payment arrangement on the student loans once your bankruptcy is finished.

* Stop repossession from a finance company: a law firm will be able to use Chapter 13 to prevent and stop a finance company from repossessing your vehicle. Any past-due payments and outstanding balance on a car loan will be included in the Chapter 13. This will stop the finance company from taking your car and repossessing it. In many cases a lawyer can get your car back if it has been recently repossessed.

There are many financial benefits associated with the filing of Chapter 13 and the reorganization and repayment of your debt.

A Case Evaluation

If you are unclear about filing Chapter 7 or Chapter 13 bankruptcy in Ohio, you will have the option of obtaining a free phone evaluation from a qualified attorney here at Dean Law in Dublin, Ohio. A legal evaluation will prove to be very helpful in most types of financial situations or a financial crisis.