Chapter 13 Bankruptcy Advantages
Posted on December 18, 2009
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www.legalhelpers.com/ – Chapter 13 bankruptcy is in like debt consolidation, but the arrangement is legally binding. For a free bankruptcy evaluation visit Legalhelpers.com – 1800-260-1402.
Chapter 13 Bankruptcy offers individuals a number of advantages over liquidation under Chapter 7 Bankruptcy. Perhaps the most significant advantage is that individuals get the opportunity to save their homes from foreclosure.
By filing under Chapter 13, a person can stop legal foreclosure proceedings and redress delinquent mortgage payments over time. Still, they must continue to make all mortgage payments on time as they come due during the bankruptcy proceedings.
There are some conditions under which a Chapter 13 Bankruptcy cannot be filed. For example if a person during the preceding 180 days had a prior bankruptcy petition dismissed because of willful failure to appear in court or failure to comply with court orders.
Unless the court orders otherwise, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executor contracts and unexpired leases; and (4) a statement of financial affairs.
For more information about filing bankruptcy contact the bankruptcy attorneys at LegalHelpers.com. LegalHelpers has helped thousands of people eliminate millions of dollars of debt and they can help you too. Call 1-800-260-1402.
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