Riverside Bankruptcy Lawyer – Most people who are seeking Chapter 13 asset protection know that it can stop a pending foreclosure, but most don’t realize the full power available to them through seeking this form of bankruptcy. Yes, it can stop a foreclosure dead in its tracks, and protect your home, but there are numerous other advantages. As Riverside bankruptcy lawyers, we know that a Chapter 7 and a Chapter 13 filing can both be a powerful tools on setting our client back on the road to financial freedom.
So, what is the difference between these two plans? The major distinction is that Chapter 13 plan involves a repayment plan. A Chapter 7 bankruptcy wipes out all unsecured debt, which might make it seem more attractive than a Chapter 13 filing, but Chapter 13 has some distinct advantages that Chapter 7 does not.
First off, a Chapter 13 bankruptcy costs less than a Chapter 7 filing. Furthermore, your monthly payments will usually be much lower than what you are currently paying. Your Riverside bankruptcy lawyer will work with you and your mortgage holder and creditors to develop a plan that you can afford. You will be able to catch up with your mortgage payments without having to come up with a large lump sum. What’s could be even more powerful in saving your home is that you might qualify to have a second mortgage stripped away altogether! That’s why it pays to have a good Riverside bankruptcy lawyer on your side.
So, now that you’ve saved your house, what other advantages can Chapter 13 provide? While a Chapter 7 bankruptcy can also be a powerful tool, consider these points about managing your debt with a repayment plan:
- You get to keep all your property.
- A Chapter 13 filing stays on your credit record for less time than a Chapter 7 bankruptcy.
- So long as you make the scheduled payments, you don’t have to worry about reaffirmation agreements.
These are only a few of the ways that a Chapter 13 debt relief plan can solve your financial troubles! Want to know more? Download our free California Guide to Bankruptcy to get a better idea of your options for debt relief and stopping a looming foreclosure. After reviewing our guide, if you feel a debt relief plan is right for you, give one of our talented Riverside bankruptcy lawyers a call!
You don’t need to suffer, feeling you have no way out of your financial peril! We at the Law Offices of Harold D. Thompson, Riverside Bankruptcy Attorneys, have over 30 years of experience in dealing with keeping people in their homes and on the road to a fresh financial future! Give us a call at 888.558.2992. We’ll work with you to determine the plan that is best for you, and keep you in your home! Don’t delay, when you can get a FREE consultation from one of our lawyers who understands the pain of a looming foreclosure!
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