Known as reorganization bankruptcy, Chapter 13 is better for those debts that can be paid in portion by a regular income. Many people who file for this type have been denied for Chapter 7 because they make too much money, but there are many benefits, on such being that there is often no need for liquidation.
By reorganizing your debts, you are able to catch up on your payments without losing property. Chapter 13 is generally an option for those who are:
- Overwhelmed by their debt
- Trying to make payments
- Trying to save a business
- Facing increased interest or late charges
- Facing foreclosure
- Trying to modify payments
- Working to eliminate a second mortgage
While Chapter 13 is closed to business entities, it is a viable and popular option for business owners who are feeling like they are barely keeping up but don’t want to lose their business.
At The Galarza Law Firm, PA, we work with you on an individual level, so you get a personalized approach and the solutions that are just right for you. Contact us today and see how we can help you with our knowledge and experience in bankruptcy law.