Chapter 13 bankruptcy makes a feasible payment plan for those who want it to last 3-5 years. The length of the plan might seem discouraging for a few who initially preferred chapter 7 bankruptcy to pay off their debts. Chapter 13 bankruptcy, however, has several benefits, including certain that are not available in Chapter 7, and it might be an ideal solution for your long-term financial health. The top benefits of Chapter 13 bankruptcy include: · It allows you to pay what you can easily afford · It eliminates the debts you can’t pay in full · It saves your assets, including your house from foreclosure, and · Also, removes the second or more mortgage Chapter 13 bankruptcy allows a ‘pay what you can afford’ solution for your debts Chapter 13 bankruptcy enables you to make a single monthly payment to the trustee that will cover your debts. Your payments are basically determined by your budget that you are supposed to put together with
