Why Would I Want To File A Chapter 13? How Can It Help Me?

You know, theres so much talk about that

You know, theres so much talk about that. And Chapter 13 has really gotten a bad name. So many people want to file a Chapter 7, but a lot of people dont qualify. The limitations on Chapter 7 are very severe.

So, say for example, my husband and I have three vehicles. And the court says you can only have two in a Chapter 7. Well, theres a problem. Maybe my husband and it have bought two vehicles and a boat and, maybe, a dirt bike. Guess what? Chapter 7 says no. Just two cars again. Two people; two cars.

So theres a lot of limitations on vehicles. Maybe I own a piece of property with my parents. That was just their form of making sure that I got something when they passed away. The court would say, No, it doesnt work that way. You can have one piece of property and its just your primary residence.

So for 13 for people who may have additional property; they may have more than two cars; they may have some toys. Then they really should be looking at a 13. And more to the point especially when theyve gotten behind in their house payments and thats a home that they want to keep, then Chapter 13 allows you to become current on both your house payments and your car payments without losing either.

And so if you want to hold onto those, then you should consider a Chapter 13. And you may not quality for a 7 because you possibly earn too much income. So theres a real limitation on how much you can earn in a Chapter 7. Where theres no limitation in a Chapter 13.

And if you do have high income but you also have high debt, it gives you the opportunity in a Chapter 13 to catch up on and pay some of that debt back. So youre to pay your debt back, but you only have to pay a payment a month; and its all wrapped up in one payment.

So Chapter 13 really helps you to stay organized, and you can achieve your goal of becoming debt free within three to five years, which is a really reasonable period of time.

So thats why I suggest a Chapter 13 because it has a lot of benefits to it.

by: Christy Thompson

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