Get Your Finances on Track with Chapter 13 Bankruptcy Attorneys in Valdosta

Debt can pile up higher than Mount Everest, and at a certain point, it’s hard not to lose hope. Thankfully, there’s a way out. For individuals earning a regular wage, chapter 13 bankruptcy offers a means to consolidate debt into a payment structure that works for everyone involved. To increase your chances of successfully enrolling in a bankruptcy payment structure, it’s important to seek the counsel of a qualified chapter 13 bankruptcy attorney in Valdosta. To help you better understand how you stand to benefit from filing, take a look at these three major advantages of chapter 13 bankruptcy.

Fair Debt Restructuring

Under a chapter 13 repayment plan, most of your debts will be consolidated in a way that makes them easier to pay off over a number of years determined by the court. A skilled lawyer will help you get a more favorable payment structure. With a good payment schedule, you’ll have an easier time rebuilding your life and preparing for your post-bankruptcy future.

Protect Your Home

Chapter 13 bankruptcy gives you the chance to pay off your debts without having to liquidate your assets. That means that you can keep your house, car, and personal belongings as long as you don’t default on your payments. You worked hard to earn these things, so it would be a shame to see them liquidated under a chapter 7 structure.

Credit Impact

As opposed to chapter 7 bankruptcy, which stays on your credit report for 10 years, chapter 13 bankruptcy only shows up on your credit report for 7 years. A few years may not seem like much, but when you’re trying to rent, buy a home, or get a car, you want a clean credit report.

Bankruptcy can seem pretty scary, but with the right lawyer by your side, you can figure out a payment plan that works for everyone. Life’s too short to be buried under a mountain of debt. If you’re currently in severe debt and see no way out, consider consulting with a chapter 13 bankruptcy attorney in Valdosta.

For more information visit Charles Farrell Jr. LLC.