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Benefits Of Chapter 13

For many people in North Carolina struggling with debt, Chapter 13 bankruptcy is a financial lifeline. It can give you the time you need to get your finances in order. By the end of the process, you will be free from most or all debts, enjoying a fresh financial slate.

There are many benefits of filing to bankruptcy under Chapter 13:

  1. As soon as you file, creditors can no longer contact you.
  2. Filing will also stop foreclosure proceedings, car repossession, wage garnishment and other collection efforts.
  3. During a three- to five-year repayment plan, you will only have to pay a single, affordable monthly payment.
  4. By giving you time to catch up on past-due mortgage payments, you can avoid foreclosure.
  5. You can still keep most or all of your property.
  6. If you have a second mortgage and your home is underwater, you may be able to get rid of it completely, allowing you to focus solely on your first mortgage.
  7. At the end of the process, all your eligible debts will be wiped away.
  8. The attorney fees are usually added to your Chapter 13 plan, allowing you to file with either no money down or low upfront cost options.

Ultimately, Chapter 13 gives you the opportunity to become debt-free by paying only pennies on the dollar.

Still Wondering Whether Bankruptcy Is Right For You?

It’s understandable to feel hesitant about pursuing bankruptcy. Because so many myths cloud the bankruptcy process, it can be difficult to separate misconceptions from reality.

Fortunately, you don’t have to sort through these issues alone. The bankruptcy lawyers at Wootton & Wootton, can answer your questions about Chapter 13 bankruptcy and walk you through all the considerations that go into deciding to file bankruptcy.

To schedule your free initial consultation with one of our attorneys, please call 919-794-8660, text our office at 919-382-3065 or fill out our online contact form. Consultations are available in person, over the phone or through video conferencing. We have offices in Durham and Henderson, North Carolina.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.