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Possible benefits of seeking relief via Chapter 13 Bankruptcy

On Behalf of | Jun 27, 2023 | BANKRUPTCY LAW - Chapter 13

There may be many individuals who struggle with high levels of debt and remain uncertain of how to choose the path for relief that best meets their preferences and needs. Bankruptcy could be just the path with which to protect one’s financial future, but preparing to initiate this process can seem a daunting endeavor. Evaluating the possible benefits of seeking debt relief via Chapter 13 Bankruptcy could help individuals in Ohio determine if this might be a viable path in their situations. 

Chapter 13 Bankruptcy topics 

The Chapter 13 Bankruptcy process functions to help debtors create a plan to repay certain portions of their debts over a set period. The number of payments required in this plan could be significantly lower than one’s previous financial obligations. While a person may be required to pay back all secured debts during this process, some unsecured debts may still be eligible for discharge.  

Another thing to note may pertain to the notion that this chapter of bankruptcy does not call for asset liquidation. As such, one may retain ownership of all possessions throughout the process, provided a person complies with the terms of the repayment plan. Experts also indicate that a similar outlet could even help provide co-signers on debts with protection from creditors.  

Is Chapter 13 Bankruptcy a viable path? 

These may only be a few potential benefits involved with seeking debt relief via Chapter 13 Bankruptcy. Those who face times of financial strain and wish to know if this might be the best path to take could consider speaking with an attorney for insight into making informed choices about their situations. An attorney can help a client better understand every step involved with the bankruptcy process and assist in preparing to pursue the required relief via the appropriate paths.