There are 5 major benefits to filing Chapter 13 bankruptcy.
- It will stop legal and collection actions like creditor lawsuits, property seizures and wage garnishment. (There are some exceptions.)
- It may save homes from foreclosure.
- It may “cram down” or strip certain debts.
- Allows debt to be restructured and paid off in a relatively short period of time, thereby allowing a fresh financial start while maintaining most, if not all assets.
- In most instances may protect co-signers from having to pay off debt they co-signed for. In most cases, prevents a creditor from pursuing a co-debtor while debtor is in Chapter 13.
Upper Peninsula Bankruptcy Lawyers; Church and Korhonen, PC focus on bankruptcy law in the Upper Peninsula of Michigan. Call today for a free consultation. (906) 226-0001