Monroe, Louisiana, What are the Benefits of Filing a Chapter 13?

When a business owner realizes that they are in financial loss and there is no way to recover their finances, they have the option of filing for bankruptcy. Filing for bankruptcy is a viable option for individuals to pull themselves back up again so they are not overridden by their financial obligations. Getting a chance to have one’s finances improved is a huge bonus any business owner could ask for, especially when they were at the point of losing everything. However, before a person runs forward with filing for bankruptcy, they should always consult a legal professional.

A bankruptcy lawyer can inform and educate a person on all the potential consequences of their decision and can explain to them the differences between the various application options. One of the most common forms of bankruptcy that is filed is Chapter 13. This form of bankruptcy enables an owner to pay off some of their debts even though they are not able to pay everyone they owe in full. It is also affordable as it allows a person to make monthly payments and obtain the immediate relief they need at the same time. If a person starts facing new obligations such as medical bills, they can convert their application to a Chapter 7 to make matters easier.

Filing Chapter 13 also enables a person to have fewer prohibitions if they ever have to file for relief in the future.  If a person no longer desires their relief, they can also have it dismissed and it is easier to dismiss than a Chapter 7. The other benefits include that the fees and costs are cheaper, and it brings a less harsh effect on a person’s credit report.

An attorney who specializes in dealing with bankruptcy cases can help a person carry out the paperwork so they can easily file their bankruptcy claim without any unnecessary complications arising.

Stopping the repossession of property through Chapter 13 in Monroe, Louisiana

Anyone who wants to stop the repossession of their property, such as their car can do so by filing a Chapter 13 and repaying the debt in the plan. They may be eligible for a reduction or cramdown option as well based on the details of their case.

A person will need a lot of legal advice to ensure they are making the right moves for their future financial security. There are many benefits of taking the Chapter 13 bankruptcy route and a person should get in touch with a bankruptcy attorney at the Law Office of Campbell, House, and Company to get help with the filing process.

Get in touch with them at:

1815 Roselawn Ave

Monroe, LA 71201

(318) 855-0285