Why Chapter 13 Bankruptcy Might be Right for You
When people think of bankruptcy, Chapter 13 is not the first thing that typically comes to mind. However, Chapter 13 offers many advantages over Chapter 7 that people need to be aware of when considering their debt relief options.
At Rothschild & Ausbrooks, PLLC, our lawyers have provided bankruptcy services to people in Nashville and throughout Tennessee for more than three decades. We provide sound guidance that considers all available options.
Keep Your Property Through Chapter 13 Bankruptcy
Many people considering bankruptcy believe that they will have to give up everything they own. In Chapter 13, this is not an issue. You will be able to keep your house. You will be able to keep your car. All of your property will remain untouched by the process. In fact, Chapter 13 opens the door to unique opportunities such as stripping second mortgages. These opportunities are not available in Chapter 7 bankruptcy.
In Chapter 13, you will be able to pay off some debts in their entirety, while paying only a portion of others. The repayment plan will be based on your income and your specific financial situation, so you know it will work for you.
Is There a Choice?
You may have the choice between Chapter 7 and Chapter 13 bankruptcy. In some cases, you may be ineligible for Chapter 7 because of your income level, and Chapter 13 will be your only option. If you do have the ability to choose, our Nashville bankruptcy attorneys will help you make the right choice.
Contact Us for a Free Bankruptcy Consultation
Please contact Rothschild & Ausbrooks, PLLC, today to get answers to questions about the advantages of Chapter 13 bankruptcy.