If you’re living in the Topeka area and you’re contemplating Chapter 13 bankruptcy, you may wonder about the pros and cons of such a decision. Most people know that filing for chapter 13 in Topeka, KS will affect their creditworthiness, but they don’t realize that it may have benefits as well. With help from Joseph I. Wittman, Attorney at Law, you can get the fresh financial start you deserve.
The Benefits of Chapter 13 Filing
The biggest advantages of chapter 13 bankruptcy are numerous and are listed below:
• It stops lawsuits, wage garnishments, and collection efforts
• Elimination of credit card, payday loan, and medical debt
• Stops home foreclosure
• Prevents vehicle repossession
• It allows for tax elimination or a repayment plan in some circumstances
• Deferment of student loan repayment
Your bankruptcy lawyer can tell you more about the benefits of Chapter 13 in Topeka, KS.
Disadvantages of Chapter 13
Though the benefits outweigh the drawbacks for most clients, they’re still worthy of consideration. The disadvantages of chapter 13 include:
• A long-term payment plan of three to five years
• Ineligibility for those with more than $1,149,525 in secured debt
If you can’t repay your debts during the plan period, the remaining dis-chargeable debt will be handled the same as in a chapter 7 case–it will be eliminated.
Call for Help
If you’re considering filing for bankruptcy but you’re not sure which chapter suits your circumstances, contact Joseph I. Wittman, Attorney at Law today. With help from him, you can eliminate many of your debts and get a fresh start. Visit joewlaw.com
for more information or call to schedule a consultation.