Chapter 13 Bankruptcy Benefits From Brian Linnekens

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Chapter 13 Bankruptcy Benefits From
Brian Linnekens

• Chapter 13 is one of the most beneficial options
  for people neck down in debts and struggling with
  their finances. If you are looking in to forms of
  bankruptcy and want to get rid of your bad
  financial situation, you might wonder if a
  Chapter 13 bankruptcy is the right solution for
  your situation. Bankruptcy lawyer Brian
  Linnekens shares a few benefits of chapter 13
  bankruptcy. However all these points regarding
  bankruptcy should be read and understood under
  the guidance of an able bankruptcy lawyer
  like Brian Linnekens. Please ready the following
  benefits to make sure that you have a general
  understanding of the process and the benefits
  that can be expected once you file for
  bankruptcy.
• Save your home from foreclosure
• Foreclosure is a legal process under which if any
  person suffers a financial situation and he/she
  is not able to return their debt then the rule
  for foreclosure is that your entire property will
  be transferred to your creditors by law. If you
  have received a foreclosure notice and want to
  save your home then you can file a chapter 13
  bankruptcy.

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Chapter13 bankruptcy is simple and effective way
to save your home from foreclosure. Foreclosure
can be stopped with a repayment plan. According
to the repayment plan you can pay back your debt
within three to five years. The time period can
be increased depending upon your income that you
are receiving at the present time. In case you
are filing for bankruptcy just to save your home
you should first check out the others options
like a loan modification with your financial
institution. Filing for bankruptcy should be the
last option. Protect yourself from
creditors As a debtor you are faced with
creditors harassing you if you are not able to
make your monthly payments on time or have missed
out on a few of your loan payments in the past.
Your creditors may be calling you daily to
collect this past due balance. When you file for
bankruptcy and hire a bankruptcy lawyer you can
easily avoid creditors harassment. It creates a
distance between the debtor and their creditors.
In others words it saves the debtor from the
creditors harassment because the bankruptcy
lawyer directly calls up your creditors and tells
them to stop calling you since you have filed for
bankruptcy. Apart from that a chapter13 the
trustee will distribute the payment to creditors
received from you as fixed in your bankruptcy
arrangement. When you file bankruptcy you should
also hire a bankruptcy lawyer. A bankruptcy
lawyer is very useful in that situation because
he/she will contact your creditors to stop them
from calling you. A bankruptcy lawyer may also
get the courts to intervene if the creditors do
not stop harassing you provided you have filed
for bankruptcy.
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Reorganizing debts Chapter 13 also helps in
reorganizing and reducing debt. It will help you
create a new plan to pay off your debts and gives
you more time to meet your financial obligations.
This is kind of a loan restructuring where all
your debts are considered, a plan is worked out
by keeping your income and expenditures in mind
while protecting your interests in the long run
and you are given an opportunity to pay back
anything you owe to the financial
institutions. Save your nonexempt
property According to chapter 7 your nonexempt
property can be sold by your creditors if you are
not able to pay your debt. But when you file your
case with chapter 13 it is possible for the
debtor to keep the nonexempt property because you
are paying back a portion of your debts through
your repayment plan in exchange for keeping all
of your assets.