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Understanding Chapter 13 Bankruptcy

In today’s economy, it sometimes seems we just can’t stay ahead of our debt.  As the cost of living rises, and good-paying full time jobs become more scarce, people around the country are tightening their budgets and sacrificing, not  only luxuries, but also basic necessaries in order to stay afloat.

And, it’s not always a balanced effort.  On one end of the scale are those who are struggling to make ends meet, and on the other end are financial institutions, including lenders and creditors, who are reaping benefits from the desperate efforts of those overwhelmed by debt.  By raising interest rates, and packing on fees and charges, these companies and banks are making a profit on your hardship.

Getting Control of Your Debt

So many people live on such a tight budget that a single mishap, like an expensive medical procedure, can set off a chain reaction that leads to late or unpaid bills.  And, in short order, you’re receiving delinquency notices and threats from your creditors.

It hardly seems fair to face the possibility of losing the possessions, including your home and vehicle, you’ve worked so hard to get and have paid as much as you can.  Sometimes, people try to work out a plan with the creditors to repay their debt, but financial institutions are rarely eager to work with borrowers to fix their problems.  A Chapter 13 bill consolidation bankruptcy may provide a solution to this dilemma.

Filing for Chapter 13 Bill Consolidation Bankruptcy

A majority of debtors are motivated to repay their debts, but they can’t quite gain enough financial traction to do so.  In that case, filing a Chapter 13 bill consolidation bankruptcy puts a hold on foreclosures, repossessions, wage garnishments and other drastic collection measures which may be threatened by creditors.   This allows you time to consolidate your bills into a manageable monthly payment and gives you an allotted time to repay your large debts, such as a home mortgage.  Bills for smaller amounts, such as credit cards and loans, can be adjusted to your financial situation, allowing you to repay a much as possible with little or no interest

In other words, a Chapter 13 bill consolidation bankruptcy gives you more time and facilitates a more manageable repayment of your debts.

Contact Us Today

Don’t let that mountain of debt ruin your life and that of your family. There is a solution to this stressful situation. Through Chapter 7 fresh start bankruptcy or Chapter 13 bill consolidation bankruptcy, we can help you end your financial nightmare and put you back on the road to becoming debt free.

Call Robert Raley Bankruptcy Attorney today at 318-747-2230 or set up an appointment by visiting our contact page.

Learn more about chapter 13 bankruptcy by viewing our frequently asked questions.