13 bankruptcy
Both Chapter 13 bankruptcy and debt consolidation are forms of restructuring debt to more manageable repayment terms for the debtor to a predetermined Period to come. However, there are significant differences between these two types of consolidation. in particular, are in traditional debt consolidation your debts into one loan group and paid over time at a negotiated rate or by the consolidation agency. There are several advantages that debt consolidation over bankruptcy, rather than owe many creditors You will simply guilty, and although the interest rate can lower the monthly payments may be larger.
Debt consolidation also has a lower impact on your credit report, and it can change a good alternative for someone with good incomes and too much consumer debt, but the circumstances, an amount per case it is true that debt consolidation can be very helpful if you can not change your financial habits you end up with more trouble than at the beginning.
The Advantages of Chapter 13 bankruptcy
Chapter 13 bankruptcy far outweigh any benefit to offer that traditional debt consolidation. The main advantage of Chapter 13 bankruptcy is that it has certain legal aspects of the protective layer that you just can not from other debt consolidation programs give you. The power of the Federal Bankruptcy Code behind the right of the creditor protection and the protection will be active until your case is sorted in a federal court.
The power of the Automatic Stay
The "Automatic Stay" and "Order of Relief ', and sees that the protection that your creditors prevents them from harassing you in their attempts to Collect payments from you. This order has the power to stop the foreclosure process, the withdrawal of collateral property or a collection of judgments against you instead. There are no comparable services in debt consolidation that can offer this level of protection and your creditors can not be forced to stop their attempts to to collect from you.
The repayment of debt in 3 to 5 years
Under Chapter 13 bankruptcy are available between 3 and 5 years in repayment claim Their debts restructured under a new plan of repayment, which can typically reduce your payments by reducing the balances and the interest rate basis. In traditional Loan debt may be carried out for years without changing the balance significantly.
Protect your home equity
Some Debt consolidation programs may require that you post any type of collateral and usually prefer them at home if she has a good level of equity. Chapter 13 bankruptcy does not require any collateral and moreover, it protects your house from the risk of repossession or foreclosure.
Restructuring the debt to a level of priority
Another advantage of Chapter 13 is that your secured claims have priority, these are the loans on your Home, car and everything that has a tangible collateral, then your unsecured debts are taken care of when it took money left over. Traditional consolidation loan programs can not in arrears either type of debt, everything is taken into account, are just as important.
Most debts are in your case, Chapter 13 bankruptcy
Normally, a debt consolidation program that you will not be able to handle all your debts, some programs work only with credit card debt, while a separate agency to specialize in tax debts. In Chapter 13, including tax arrears, mortgage arrears, child support and alimony, secured and unsecured debts all under the same plan that provides you with the same degree of protection from all creditors.
claims liabilities are not eliminated
If you log all of your Chapter 13 bankruptcy creditors are required to provide a proof of claim with the bankruptcy court file, is often not some creditors that file claims for any reason, but they do not, and you end your term for your debt then all unclaimed accounts and already comply with debt You no longer obliged to repay it as soon as your case is discharged. No other program can benefit from consolidation extend.
Get your chapter 13 case under way, start with a Free Bankruptcy Evaluation and get connected to a bankruptcy attorney in your local area. Never pay for a bankruptcy consultation, if your attorney insists on a consultation fee find another one. Learn more about the Chapter 13 Bankruptcy process, our bankruptcy information is always free.
Filing for Chapter 13 Bankruptcy
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