The reality of not being able to make ends meet in corporate and personal financial obligations has never rung more true than in the year 2009. Many business doors closed, foreclosure notes forced families out of their homes, unemployment rate was the highest it has been in over 20 years, and a financial global crisis unraveled before our very own eyes. So what is a business or home owner to do? How do you gain back your pride and build financial stability after it has been shred to pieces? Many Americans turn to filing bankruptcy, specifically, Chapter 13. But what does that mean? How do you know if it is the right option for you? Here is a brief explanation of Chapter 13 so you may see if it is the correct choice for you.
There are many forms of bankruptcy available to address your business and personal dilemmas. For instance, if you were in an accident leaving you unable to work then bills pile up. Moreover, creditors are calling threatening to take away your standard of living due to unpaid bills. What do you do in this situation? Filing for Chapter 13 Bankruptcy might be the right answer for you. For Chapter 13 Bankruptcy filings stop and prevent foreclosure actions from occurring. It may allow you to breathe easier preventing your from being physical removed by authorities from your house.
Chapter 13 Bankruptcy tends to be appealing to businesses as well. For what if you are no longer able to pay mortgage on your restaurant property. Does the government come knocking on your door and take everything away, including the restaurant equipment located inside the business dwelling? What about the kitchen supplies, are the utensils taken away too? In most cases, the answer is yes unless you file for a Chapter 13 Bankruptcy. Chapter 13 Bankruptcy filings do not require the liquidation of assets. In Chapter 7 Bankruptcy liquidation of assets does occur. Therefore, perhaps Chapter 13 Bankruptcy is more suitable to match your needs than a Chapter 7 filing.
Another benefit to filing Chapter 13 Bankruptcy is that the collection efforts must cease during the bankruptcy process. Collectors are not permitted to call, harass and/or disrupt your business and personal life under this process. It is a relief not having to deal with creditors, banks, and businesses who are hounding you nonstop for the sake of collecting. It is surprising to people who are suffering in debt what a relief it is to eliminate this one factor from the situation. It makes a difference allowing people to think more clearly and a chance to gain footing again bouncing back stronger, and wiser than before.
There are many other factors of Chapter 13 that you need to be sure are suitable in resolving your financial woes. But to be sure about the overall understanding of Chapter 13 Bankruptcy, then you need to contact an attorney who specializes in Chapter 13 filings. Ask questions. Do not be shy and gather as much information as possible on the subject so you may make a smart decision for you, your business, and/or your family.
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