Are You a Good Candidate for Chapter 13 Bankruptcy?
Generally, there are 5 situations where a person should seriously consider filing Chapter 13 Bankruptcy:
- The person needs relief from overwhelming debt and does not qualify for Chapter 7
- The person is facing foreclosure of a home or repossession because the that the person cannot get caught up and is at risk of losing the property through a repossession or foreclosure
- The person owes non-dischargeable debts and needs bankruptcy to restructure that person's finances so that cash is available to pay the debt off within 5 years
- The person is tired of fighting with creditors every month and believes that their debts will not get under control anytime in the near future
- The person is facing lawsuits, garnishments, and bank levies by creditors and can't negotiate a settlement that fits the person's budget alon with the person's other debts