A Triplet on “Unspoken” Chapter 13 Advantages
The disadvantages of Chapter 13 while filing for bankruptcy have overshadowed the advantages that it has. But surprisingly there are few advantages that make it a better option for filing bankruptcy like:
1. Preventing the foreclosure of “home sweet home”. When an individual falls behind the amount of “settled” mortgages, the bank demand borrower i.e. the home owner to pay back the complete arrear. If the individual fail to do so the home is foreclosure. Under Chapter 13 filing, the arrear is broken down into equal minimum chunk, to be paid over a court approved period, for the payback thus preventing the foreclosure.
2. The other mortgages than the first one can be modified to let the lender comes under the debtor’s terms of payment after due date of mortgage payment. This modification is known as “lien stripping” and can be done effectively by filing through Chapter 13.
3. Chapter 13 also provides the debtor with the powerful debt repayment plan available in a bankruptcy. The Chapter holds back the accruing interest on dischargeable debts thus letting the debtor to pay the balance only on the day of filing bankruptcy.
Firebaugh & Andrews know these advantages very well and thus when an individual approach them with a bankruptcy filing they discussed with him or her to judge the option that is best. If Chapter 13 is suitable for the debtor then this Westland Michigan Bankruptcy Lawyer assist the debtor to plan a budget and period to payback the debt. They let their clients have, who are filing bankruptcy by Chapter 13, the best financial solutions.

Continue reading →