Most people don’t want to file for bankruptcy. However, it may be the best option if you are struggling with financial problems. Chapter 13 bankruptcy is one of the options that you have. There are several ways that you can benefit by filing for chapter 13 bankruptcy Montgomery, AL.
Help With Foreclosure
The bank will eventually file for foreclosure if you stop making payments on your mortgage. Many people think that they will automatically lose their home if foreclosure has already been filed. However, chapter 13 bankruptcy can help save your house.
You will be able to break your past-due payments into smaller payments. This will give you more time to make up your missed payments.
Bankruptcy is one of the worst things that you can have on your credit report. Your score will also take a major hit after you file for bankruptcy. However, chapter 13 bankruptcy will only stay on your credit report for seven years. Chapter 7 bankruptcy can stay on your credit report for up to 10 years.
Help With Car Payments
If you are struggling with car payments, then you can get help by filing for chapter 13 bankruptcy. You can modify your car loan under chapter 13.
Help With IRS Payments
Tax debt is one of the worst types of debt that you can have. You can restructure your tax debt and make lower payments if you file for chapter 13.
If you want to file for chapter 13 bankruptcy Montgomery AL, then you can contact David Weston, Attorney at Law at DavidWeston.org.