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What are the benefits of filing for Chapter 13 bankruptcy?

You have run into some problems with being able to make your mortgage payments on your home. After much consideration and visiting almost every other alternative, you have recently started to consider filing for Chapter 13 bankruptcy. However, you are hesitant because of the often-negative imagery that is associated with a bankruptcy filing in Ohio. Now, you are wondering if there could possibly be any benefits to making this decision. 

According to the United States Courts, filing for Chapter 13 bankruptcy allows you a grace period where you are given the option of creating a payment plan. This plan covers all of the details relating to your commitment to repay debts in a timely manner. During this period of time, creditors are not allowed to continue any ongoing efforts to collect payments from you. They are also forbidden from beginning new collections plans. Some of the benefits of filing for Chapter 13 bankruptcy include the following:

  • Chapter 13 includes a provision that provides protection for third-parties, such as a co-signer. This means you can protect other people who may have helped you, from experiencing the repercussions of bankruptcy.
  • You have the chance to reorganize your financial situation and save your home from falling into foreclosure. 
  • If you have other debts that have already been secured, you can use those to make payments or extend their payment plan, rather than using the mortgage on your primary residence.

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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