most people think of bankruptcy, they’re usually thinking about
Chapter 7 bankruptcy. But that’s not the only option. Chapter
13 bankruptcy in Tampa
is also a powerful tool that can be used to improve your financial
situation. If you’ve been told you do not qualify for Chapter 7
bankruptcy or you prefer to take a different route than Chapter 7
because of your assets, Chapter 13 is a viable and beneficial
are the benefits of filing for Chapter 13 in Tampa?
13 is a Reorganization of Debt
greatest benefit of Chapter 13 is the essence of it. You use it to
reorganize your debt so it’s more affordable. Chapter 13 is less
about discharging your debt and more about getting a handle on it.
13 Provides Asset Protection
of the main reasons people choose Chapter 13 bankruptcy in Tampa is
because it allows them to retain ownership of their assets. This
means you don’t need to worry about losing your home or your
vehicle or anything else of value you own when you file. Chapter 7
provides some asset protection, but it’s not as broad as what you
receive in Chapter 13. If assets are a concern, it’s a good idea to
explore your Chapter 13 options.
13 Provides Gradual Changes
Chapter 7 bankruptcy is typically completed in just a few months.
Chapter 13, on the other hand, takes three to five years. Some people
might view that extended period of time as a flaw, but it’s
actually beneficial for many people.
time, you’re able to build better financial habits and take gradual
control of your financial situation. The years you’re working with
the bankruptcy court on a Chapter 13 case ensures you are not thrown
immediately back into the world of managing your financial situation.